Strong drops overwhelming the Gulf markets. Dubai market losses exceed 5%

Equity markets in the Gulf fell sharply with the opening of trading, in the first reaction after the heavy losses suffered by global markets due to fears of the outbreak of the new mutant discovered. in South Africa.

Kuwait’s prime index fell more than 3% at the start of the trading week. The Dubai financial market saw sharp drops of over 5% with the opening of trading, bringing the index to 3,000 points.

The Saudi stock market index recorded steep drops of more than 5% with the opening of trading.

The Abu Dhabi Stock Exchange Index fell 2.15% to 8,272 points.

Oil prices dropped ten dollars on Friday, the largest drop in a day into April 2020, after the discovery of a new strain of the Corona virus worried investors and reinforced fears of global oversupply inflation in the first quarter of next year.

Oil fell with global equity markets on fears that the new strain could undermine economic growth and fuel demand.

The World Health Organization on Friday classified the new strain as “worrying” and named it Omicron.

Countries including the United States, Canada, Great Britain, Guatemala, and European countries have imposed travel restrictions from southern Africa, where the strain was detected.

Major US equity indices also fell sharply on Friday as the Dow Jones and Standard & Poor’s 500 indices suffered the largest daily loss in percentage points for months and sectors that had benefited from the reopening of economies have fallen dramatically, due to news of the discovery of a new strain of the Corona virus that may be resistant to vaccines. .

The Dow Jones Industrial Average fell 905.04 points, or 2.53%, near 34,899.34 points.

The benchmark Standard & Poor’s 500 index fell 106.74 points, or 2.27%, to 4,594.72 points, while the Nasdaq Composite Index fell 353.57 points, or 2.23%, to 15,491.66 points.

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