Persian Gulf Stock Market drop was about 5%
Some banking titles fell in double. Saudi Aramco shares plunged, too.
On Sunday, Middle East shares drop was most evident in the United Arab Emirates. UAE stock index dropped in 5% and NBD bank fell even 10%. In general, banking sector declined the most in Dubai. Investors weren’t convinced by stimulus package introduced by local administrative to support the economy. Policies should cost up to $27 billion.
Abu Dhabi shares lost 2,3%, while banking titles drop was most obvious – First Abu Dhabi wrote off 3,7%. Decline was present even in real estate titles.
Shares of Saudi Aramco, the world’s largest mining company also plunged. Its value dropped in 0,3% yet surprisingly not due to current situation in oil industry. Saudi Aramco dropped due to last year profits in more than a fifth, because $88,2 billion profit was almost $4 billion lower than investors expected.