GCC Stock Markets Trade Mixed, UAE Bourses Plunge

The GCC stock markets were trading mixed on the first trading day of the week while the UAE bourses were in the red on Sunday morning.

Dubai Financial Market was down 1.5 percent, driven down by Air Arabia, Emirates NBD, Amanat and Amlak shares, while the Abu Dhabi bourse fell three percent in the first hour of trade, pulled down by banking stocks such as Commercial Bank International and Abu Dhabi Commercial Bank.

The UAE regulator last week lowered circuit break for the two bourses from 10 percent to five percent in order to contain volatility in the market and shield retail investors.

The equity markets have been witnessing selloff due to persistent decline in oil prices and growing coronavirus cases in the region. Oil prices plunged on Friday with WTI losing 12.66 percent or $3.28 to $22.63 per barrel while Brent fell 42.3 percent or $1.3 to close at $29 a barrel.

Bahrain Bourse and Qatar Stock Exchange were also down marginally on Sunday morning. Muscat Securities Market fell 1.1 percent.

Saudi Arabia and Kuwait's shares were up in the morning trade. Boursa Kuwait jumped over five percent while Saudi Arabia's Tadawul index was up 0.2 percent.