Most Gulf indexes slipped on Wednesday due to a warning that the global economic downturn could be at its worst since the Great Depression of the 1930s, underlining the economic damage already done by COVID-19.
The global economy is expected to shrink by 3.0% during 2020 in a stunning coronavirus-driven collapse of activity, the International Monetary Fund said on Tuesday.
Saudi Arabia's benchmark index fell 0.2%, hurt by a 1.2% drop in oil giant Saudi Aramco.
The world's largest oil producer is in early talks with banks for a loan of about $10 billion to help finance its acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC), according to three banking sources. Shares of SABIC were up 0.1%.
In the United Arab Emirates, where vital sectors such as tourism and transport are at a near halt, stocks retreated a day after rising.
Dubai's main share index dropped 0.8%, with its largest lender Emirates NBD Bank shedding 1.4%, while Emaar Properties fell 1.2%.
In Abu Dhabi, the index declined 0.9%, led by a 1.8% drop in First Abu Dhabi Bank.
Meanwhile, the UAE said on Tuesday it was extending the period for excise tax payments due from businesses for one month.
The Qatari index was flat. Mesaieed Petrochemical shed 2%, while Qatar Electricity and Water rose 2%.
(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))
