After Friday’s broad stock market crash as a result of the new corona variant, the Middle East stock markets opened to a sharp decline on Sunday.
The Dubai Stock Exchange ended down 5.2 percent, the Tadawul Stock Exchange in Saudi Arabia ended down 4.5 percent, the Qatar Stock Exchange ended down 2.7 percent while the Kuwait Stock Exchange ended down 3.1 percent.
Brent oil, the reference class for more than half of the world’s oil, fell close to 12 percent on Friday due to concerns that the new variant will initiate new shutdowns and reduce flights.
“We are going to emulate the fall we have seen in the global markets today. I do not think it is a surprise, said Ahmed Badr, head of the Middle East and North Africa at Credit Suisse AG in Dubai, in a Bloomberg TV interview before the stock exchanges opened on Sunday, according to Bloomberg.
“The question is how long it will last, and what kind of opportunities it will provide in terms of buying opportunities,” he said.
– .
