Major stock markets in the Gulf ended lower on Wednesday as doubts about the easing of coronavirus lockdowns and simmering US-China tensions cast a shadow over global equity markets.
US President Donald Trump has kept up the pressure on China, urging the country to be transparent about the origins of the coronavirus, which began in the Chinese city of Wuhan late last year.
Saudi Arabia's benchmark index dropped 0.8%, with National Commercial Bank, the country's largest lender, falling 2% and Al Rajhi Bank down 0.7%.
Moody's on Tuesday affirmed ratings of all Saudi Banks, but changed outlooks to negative.
Clothing manufacturer Thob Al Aseel gained 3.3% after signing a 97.5 million riyals ($25.97 million) contract for medical supplies.
Meanwhile, Saudi Arabia's crude oil exports in May are expected to drop to about 6 million barrels per day, the lowest in almost a decade, and domestic refining output is likely to fall as the coronavirus crisis hits demand, Reuters reported citing industry sources and analysts.
Dubai's main share index retreated by 0.7%. Blue-chip developer Emaar Properties declined 2.3%, while budget airliner Air Arabia slid 3.7%.
Air Arabia, the only listed carrier in the United Arab Emirates, has laid off 57 employees due to travel disruptions caused by the coronavirus outbreak, a spokesman said on Tuesday.
The Abu Dhabi index fell 2%, dragged down by a 2.8% drop in the country's largest lender First Abu Dhabi Bank and a 2.4% fall in telecoms group Etisalat.
In Qatar, the index slipped 0.5%, hurt by a 1.9% fall in Qatar Islamic Bank.
Outside the Gulf, Egypt's blue-chip index bucked the trend to close 1% up. Commercial International Bank was up 1.5%.
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