Gulf stocks led by Abu Dhabi, Kuwait’s indices plunge in early trade

Gulf stocks led by Abu Dhabi and Kuwait’s indices plunged in early trade on Sunday after the Organization of the Petroleum Exporting Countries (OPEC) supply cut pact with Russia failed apart on Friday, sending oil prices sharply lower.

Abu Dhabi index was down 5.7 per cent in early trade and Kuwait stocks dropped 5 per cent. Dubai index fell 3.75 per cent, as investors were worried about the outlook for the global economy amid the outbreak of the coronavirus.

Abu Dhabi, Dubai and Kuwait indexes were all down several percentage points following the market open. The Abu Dhabi index fell 5.8%, Dubai’s Financial Market General Index was down 7.47% and Kuwait’s premier market index had plunged by 10%. Dubai time, causing trading on the Kuwait index to be suspended.

Saudi Arabia’s stock exchange, the Tadawul, was down 7.7% in afternoon trading after plans to orchestrate a supply cut among OPEC and non-OPEC states collapsed amid investor fears surrounding the fast-spreading coronavirus.