The decline remained in the Gulf stock markets, which trimmed some of its losses in the middle of trading today, Sunday, after investors caught their breath, following sharp declines in early trading.
The decline comes, in the wake of the global stock and commodity markets’ exposure to a red wave in Friday’s trading, due to the new mutant from Corona Omicron.
After falling more than 5% at the beginning of trading, the Saudi stock market index "TASI" reduced its losses after about two hours to 3.3%, amid active trading by more than 4 billion riyals ($1.1 billion), before it lost again and fell by more than 4%.
The Dubai Financial Market maintained its morning decline by 5%, while the Abu Dhabi Stock Exchange fell by 2%.
The Kuwait market reduced the decline to 2.8%, as did the Qatar Stock Exchange by 2.8%;
While the Bahrain market deepened its morning losses, down by 2% in mid-trading.
As for the Muscat Stock Exchange, it is on holiday on Sunday and Monday, corresponding to 28 and 29 November, on the occasion of the National Day.
On Friday, the World Health Organization classified the new mutated strain as "worrying" and is the fifth strain to be placed in this classification.
After the declines witnessed in global markets the day before yesterday, Friday, the declines in the Gulf markets threaten to write off part of the gains achieved this year, supported by a wave of initial public offerings and high oil prices.
News of the new mutation also pushed oil prices down by about $10 a barrel on Friday, in the biggest daily loss since April 2020.
The price of Brent crude - the reference for more than half of the world's oil - fell by about 12% yesterday, Friday, amid fears that the new strain would lead to a decline in air traffic and impose new closures.