Gulf bourses dive as coronavirus hits oil price

Dubai - Stock markets in oil-rich Gulf states plunged at start of tring Sunday over fears of impact of vel coronavirus, which also battered global bourses last week.

All of seven bourses in Gulf Cooperation Council (GCC), which closed Friday for Muslim weekend, were hit as oil prices dropped below USD 50 a barrel.

Saudi bourse, region's largest and one of world's top 10 share markets, was down 3.1 per cent at opening bell.

region's slide was led by Kuwait Boursa, where All-Share Index fell 10 per cent, triggering its closure. Kuwait's bourse was closed for most of last week for national holidays.

Dubai Financial Market dipped 4.3 per cent, while its sister market in Abu Dhabi was down 3.8 per cent an hour after opening.

Qatar Stock Exchange dropped 0.6 per cent, Bahrain's bourse edged down 2.1 per cent and Muscat Securities Market in Oman lost 0.6 per cent.

At least 115 cases of vel coronavirus have been reported by Gulf states so far, with majority of infections among people returning from pilgrims to Iran.

Global stocks slumped on Friday, marking largest weekly drop since 2008 global financial crisis, as concerns grew that virus spre could wreak havoc on world ecomy.

Crude oil prices tumbled as well and analysts said central banks, especially US Federal Reserve, might have to shift into crisis-resolution mode with urgent interest rate cuts.