Dubai: As OPEC states and Russia planning for a production cut, Gulf Stock markets drop down and shares of Aramco fall below the IPO price. In continuation to the event Kuwait suspended trading on Sunday as the index hits 10% decline on daily limits.
This is the second time in the week that trading was suspended after the crash on Friday due to fears of the impact of the coronavirus on the global economy.
Stock markets across the Gulf showed a 10 % fall in oil prices after the alliance of OPEC and few non-OPEC members including Russia, failed to agree on a deal to deepen oil production cuts in response to falling demand.
Saudi state oil giant Aramco traded below their original IPO price for the first time Sunday and down 6.36% on the day. Saudi Arabia's stock exchange, the Tadawul, was down 7.7% in afternoon trading. The Abu Dhabi index fell 5.8%, Dubai's Financial Market General Index was down 7.47%.
Shares of Saudi state oil giant Aramco traded below their original IPO price for the first time Sunday, at 30.90 riyals ($8.24) in Riyadh compared to the listing price of 32 riyals in December. That's down 6.36% on the day.
Saudi Arabia's stock exchange, the Tadawul, was down 7.7% in afternoon trading after plans to orchestrate an oil supply cut collapsed amid investor fears surrounding the fast-spreading coronavirus.
