Stocks markets in the Mideast suffered sharp drops in early trading Sunday over fears about the new coronavirus and falling demand for crude oil amid a failure by OPEC and allied nations to cut production.
The Dubai Financial Market saw stocks drop by over 8% in a steep selloff. Boursa Kuwait stopped trading as shares fell below 7%. The Abu Dhabi Securities Exchange dropped by 6%. Saudi Arabia's Tadawul stock exchange fell over 6% as the market opened.
The demand for oil has dropped as air travel has been affected by the outbreak of the virus.