Major Gulf markets stabilise

Duabi 

Most major Gulf stock markets steadied yesterday after sharp losses in the previous session, on rising expectations of a coordinated global monetary response to help soften the economic blow of the coronavirus outbreak. Bank of Japan Governor Haruhiko Kuroda said yesterday the central bank will take necessary steps to stabilise the markets, days after US Federal Reserve Chair Jerome Powell echoed similar views. Dubai’s main share index, which had tumbled 4.5 per cent on Sunday, was up 2.1pc.

Blue-chip developer Emaar Properties advanced 3.3pc and sharia-compliant lender Dubai Islamic Bank rose 1.5pc. Other gainers included budget airliner Air Arabia, which opened 3.9pc up. Saudi Arabia’s benchmark index rose 1.8pc with Al Rajhi Bank gaining 2.4pc and petrochemical maker Saudi Basic Industries increasing 3.8pc. On Sunday, Saudi Arabia said it had prepared 25 hospitals to handle any coronavirus cases that might be detected in the kingdom, part of precautionary measures which include closing its borders to foreign “umrah” pilgrims.

The kingdom has not recorded any cases of the new coronavirus so far. In Abu Dhabi, the index added 1.7pc, driven by a 2pc gain in First Abu Dhabi Bank and a 3.7pc rise in Abu Dhabi Commercial Bank. Kuwait’s bourse leapt 6.1pc, a day after it saw its biggest ever fall of 11pc. National Bank of Kuwait climbed 7.7pc and Kuwait Finance House jumped 6.7pc.

The Qatar’s index, which traded after a day’s break, declined 1.4pc. Heavyweight Industries Qatar plunged 5.5pc, its biggest intraday fall since August, while Qatar National Bank retreated 2.1pc. Qatar’s health ministry announced on Sunday two more cases of coronavirus in the country, taking the total to three. Meanwhile, the season-opening MotoGP race in Qatar next weekend has been cancelled because of travel restrictions on passengers from Italy and elsewhere due to the coronavirus epidemic, MotoGP said on Sunday