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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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Sharp declines in Arab markets and Corona terror deepens fears

rocky
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Sharp declines in Arab markets and Corona terror deepens fears Empty Sharp declines in Arab markets and Corona terror deepens fears

Post by rocky Mon 02 Mar 2020, 1:36 am


Sharp declines in Arab markets and Corona terror deepens fears

17:25 - 01/03/2020



Sharp declines in Arab markets and Corona terror deepens fears %D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-696x435
Information / follow-up ..
Arab stock markets suffered sharp losses at the end of trading today, led by Kuwait and Dubai, affected by fears of damages to the global economy and oil prices due to the spread of the Corona virus.
The Kuwaiti index fell about 10.98%, as the Stock Exchange decided to suspend trading for the rest of the day. Today, the Kuwait Stock Exchange announced that, pursuant to the provisions of Article 9-26-2 of the Stock Exchange rules, trading in the first market has been suspended for the end of trading session on Sunday, March 1, with the closing auction canceled.
She said that stopping trading in the first market comes because its index has decreased by more than 10%.
The main index in Dubai fell 4.49%, the largest percentage decrease since August 2015, while the Abu Dhabi Securities Market index fell 3.62% to 4,723 points.
The Saudi main market index, Tasi, also fell, but in a less severe way, after falling at the end of the session by 3.71% to 7,315 points.
The Bahrain  Stock Exchange index decreased by 3.37%, Qatar 0.61%, while the Muscat Stock Exchange index fell by 1.20% to 4,081 points at the close.
The declines follow a sharp loss to global stock markets on Friday, when Gulf region markets were closed, for global markets to lose more than $ 5 trillion of their value last week.
Speaking to Al-Arabiya, Mohamed Al-Omran, President of the Gulf Center for Financial Consultations, said that the state of panic and fear dominates the world’s markets, including the Saudi financial market.
He explained that the naturalness of markets is either excessive pessimism or excessive optimism.
With regard to the Saudi market, Al-Omran believes that the retreats exaggerate the reaction of the market, pointing out that the conditions are normal in Saudi Arabia and there is no case that was announced to be infected with Corona virus in the Kingdom.
He stated that the markets react according to other changes away from the cases of injuries, such as the decline in oil prices, which directly affects the economy.
Regarding SAPTCO's announcement of its revenue being affected by the precautionary measures taken by the Kingdom, he said that there are sectors such as service sectors that will be affected by these measures, but he stressed at the same time, that its impact is very simple for the Saudi economy.
Regarding Aramco's stock, Al-Omran said that the stock's performance in the first hour of Sunday's session was very disappointing, as it recorded a new low with high trading, and this is the first time that it drops at this level.
He continued: "The problem now is that there are open facilities that have not been closed since the subscription of Aramco shares ranging between 20 and 30 billion riyals since the subscription," and these centers may negatively affect the stock's performance.
The Egyptian shares tumbled at the end of Sunday's session, losing its main index around 6.04%, to 12221 points, after sharp declines in the global and Gulf markets.
Global stock markets witnessed sharp losses last Friday to lose five trillion dollars in value over the course of a week, amid fears of the economic consequences of the spread of the Corona virus.
Radwa Al-Swaify, head of research at Pharos Investment Bank, said, "The main reason for what is happening is the fear of the potential global slowdown due to the Corona virus and its impact on the Egyptian economy and the companies listed on the market."
And the Egyptian Stock Exchange stopped trading on 68 shares in the beginning of transactions for ten minutes, due to the descent of those shares more than 5%.
Ibrahim Al-Nimr of Naeem Securities Brokerage said, "The main index targets the level of 12000 points and it may consolidate then and if it breaks down it will target the level of 11400 points."
The Financial Supervisory Authority decided today to facilitate allowing companies listed on the Egyptian Stock Exchange to purchase treasury shares through the open market in order to support the stock exchange.
Islam Abdel-Aty, financial analyst at Pioneers Securities, said that the Egyptian market has been witnessing consecutive declines for a while, but the decline that occurred during today's trading session is more linked to global events.
In his conversation with Al-Arabiya, he made it clear that what is happening in the markets today is not subject to analysis, and market trends cannot be determined during the coming period.
He explained that the declines in the Arab markets came with the support of the major investment funds, and those funds are causing a wave of panic that leads the markets to low levels to return these institutions to buy shares at low levels again. 25 h has ended



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