Gulf markets lower as Saudi Arabia says vaccines delayed

      Published on Monday, 1 February , 2021      416 Views     
Gulf markets lower as Saudi Arabia says vaccines delayed


Major Middle East stock markets ended lower on Sunday, tracking a slide in global markets at the end of last week and after Saudi Arabia extended measures to fight the coronavirus crisis.

Saudi Arabia’s benchmark index fell 1.2%, after the government said COVID-19 vaccines were being delayed.




The kingdom extended its travel ban for citizens and port closures to May 17 from March 31.

Shares in Al Rajhi Bank dropped 1%, while National Commercial Bank slipped 2.4% lower.

Saudi Basic Industries Corp (SABIC), the Gulf’s largest petrochemical maker, slid 1.8% despite posting a net profit of 2.22 billion riyals ($592 million) in the fourth quarter of 2020 compared with a net loss a year earlier.

Dubai’s main share index retreated 1.6%, extending the previous session’s losses, as Dubai Islamic Bank fell 1.8% and Emirates NBD Bank dropped 1.7%.

Dubai suspended non-essential surgeries in hospitals for a month and halted live music at restaurants indefinitely after daily coronavirus infections surged in the United Arab Emirates.

In Abu Dhabi, the index slipped 0.9%, hit by a 1.6% fall in the country’s largest lender First Abu Dhabi Bank and a 0.6% decrease in telecoms giant Etisalat.

The Qatari index lost 0.7%, with Qatar Fuel shedding 2.2% to be the worst performer on the benchmark.

Outside the Gulf, Egypt’s index eased 0.3%, with tobacco monopoly Eastern Company dropping 2%.

Keywords:
Category Business | 2021/02/01 latest update at 11:00 AM
Source : Reuters | Photocredit : Google
417 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications