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Hundreds of billions of dollars were wiped off Gulf markets on Sunday after they were hit with their biggest one-day fall sell-off in 15 years. More than $180bn was wiped off from the region's biggest bourse, Saudi Arabia's Tadawul, while trading in the Kuwait Premier Market index was suspended for the second time in six days after hitting a daily decline limit of 10 per cent in company share values.
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The Indian stock markets plunged today wiping out Rs6.5 trillion equity investors' wealth, with Sensex recording a loss of 2,400 points and Nifty50 trading below 10,400 points. The domestic indices were in line with the global markets on persistent fears of economic impact of the coronavirus epidemic.
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S&P GCC composite index declines by 7.4%
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Demand in China, world's biggest oil importer, has slumped 20 percent as coronavirus takes its toll
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Stock markets in the Gulf slumped on Sunday on fears the spreading coronavirus outbreak could hurt the global economy and oil prices.
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The sharp reactions to bearish cues were evident as global indices unleashed fear and panic and investors resorted to heavy selling on Friday over the Covid-19 spread.
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The yen fell past 112 to a 10-month low against a broadly stronger US dollar on Thursday, extending recent losses for the Japanese currency as investors fretted about dire economic news out of the country.
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