Middle East stock markets closed lower today, with US oil futures remaining in negative territory due to fears that the United States will not have room for more stocks amid oversupply due to the consequences of public isolation measures imposed to contain the spread of the emerging Corona virus.
In a related context, by the time 1106 GMT, US West Texas Intermediate crude for May delivery was trading at minus seven dollars per barrel, an increase of 30.63 dollars from Monday's close when those contracts closed at a decrease of negative 37.63 dollars per barrel.
Brent futures for June delivery fell $ 4.1, or about 16%, to $ 21.48 a barrel.
The Saudi market index fell 1.6%, with Aramco dropping 2% and the fall of the Saudi Basic Industries Corporation (SABIC) 3.9%.
The share of Saudi Electricity Company closed down 3.1% after it announced the assignment of the share of the Public Investment Fund in profits for the fiscal year 2019. The fund owns more than 74% of the total shares of the company.
The Kingdom of Saudi Arabia, the largest oil exporter in the world, announced last month a reduction of approximately 5% in its budget for the current year, equivalent to about 50 billion riyals, and said it would re-evaluate spending according to developments in the oil market and the consequences of the pandemic.
In Dubai, the index fell 3.3%, and the largest banks in the emirate, Emirates NBD, lost 4.8% and Dubai Islamic Bank 4.1%.
On Monday, Emirates NBD announced that it made a net profit of 2.08 billion dirhams ($ 566.33 million) in the first three months of 2020, down 24% from the same period a year ago.
The Abu Dhabi index fell 2.7%, due to the fall of First Abu Dhabi Bank shares, 4.9%.
The Qatar stock market index lost 1.4%, and Qatar National Bank shares fell 2.3% and Mesaieed Petrochemicals 2.3%.
Outside the Gulf region, the main index of the Egyptian Stock Exchange fell 2.8% in the first session after a two-day holiday in the country. Commercial International Bank fell 3.8% and Eastern Smoke 3.9%.
The following are the closing levels of Arab stock market indices today:
Saudi Arabia .. the index fell 1.6% to 6497 points.
Abu Dhabi .. The index fell 2.7% to 3,860 points.
Dubai .. the index fell 3.3% to 1826 points.
Qatar .. the index fell 1.4% to 8326 points.
Egypt .. The index fell 2.8% to 9875 points.
Bahrain .. The index lost 0.5%, recording 1313 points.
Sultanate of Oman .. The index fell 1.2% to 3442 points.
Kuwait .. The index lost 2.6% to 5,055 points.