March 1, 2020 / 7:00 AM / a month ago

Gulf stocks plunge early on fears coronavirus could hit economies

DUBAI, March 1 (Reuters) - Gulf stocks fell sharply in early trade, led by Kuwait and Dubai, reacting to fears that the spreading coronavirus outbreak could hurt the global economy and oil prices.

Dubai’s main index was down 4.8%, the biggest percentage drop since August 2015, and the Kuwait index tumbled nearly 11%, triggering a circuit-breaker at the bourse.

The slides followed sharp falls in world stock markets on Friday, when the Gulf region’s exchanges were closed, with over $5 trillion wiped off global market values last week. (Reporting by Saeed Azhar; Editing by Kenneth Maxwell)

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