Abu Dhabi, Kuwait stocks plunge after Opec deal collapses

Abu Dhabi index was down 5.7 per cent in early trade and Kuwait stocks dropped 5 per cent.

By Reuters | Mar 08, 2020, 01.04 PM IST

Dubai index fell 3.75 per cent, as investors were worried about the outlook for the global economy amid the outbreak of the coronavirus.

DUBAI: Gulf stocks led by Abu Dhabi and Kuwait's indices plunged in early trade on Sunday after the Organization of the Petroleum Exporting Countries (OPEC) oil supply cut pact with Russia fell apart on Friday, sending oil prices sharply lower.

Abu Dhabi index was down 5.7 per cent in early trade and Kuwait stocks dropped 5 per cent. Dubai index fell 3.75 per cent, as investors were worried about the outlook for the global economy amid the outbreak of the coronavirus.

Saudi market will open at 0700 GMT.

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