Dubai Islamic Bank PJSC
Photographer: Christopher Pike/Bloomberg
Photographer: Christopher Pike/Bloomberg
Comply with us @middleeast for extra information on the area.Dubai’s benchmark stock index dropped essentially the most within the Gulf after Moody’s Traders Service minimize the outlook for among the greatest banks within the United Arab Emirates.
The DFM Common Index misplaced as a lot as 1.3%, with Emirates NBD and Dubai Islamic Bank weighing the gauge down essentially the most. Measures in Abu Dhabi and Qatar additionally fell.
Moody’s decreased the long-term rankings of eight UAE-based banks to destructive from steady. “The coronavirus outbreak represents a significant shock to the UAE’s open economy and coincides with a significant drop in oil prices that also weighs on growth,” the rankings company mentioned.MIDDLE EASTERN MARKETS:Moody’s minimize the outlook for the next UAE banks:Abu Dhabi Industrial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD, Mashreqbank, Nationwide Bank of Fujairah, Nationwide Bank of Ras Al-Khaimah and HSBC Bank Center EastSaudi Arabia’s Tadawul All Share Index rises 0.3% as of 11:26am in RiyadhQatar’s QE Index falls 0.7percentIsrael’s TA-35 drops 2.1percentREAD: Purchaser Beware: Oil Stockpiles Are Huge: Julian Lee
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