Stocks markets in the Mideast suffer sharp drops in early trading over fears about the new coronavirus and falling demand for crude oil amid a failure by OPEC and allied nations to cut production.
A man disinfects the shrine of the Shiite Saint Imam Abdulazim to help prevent the spread of the new coronavirus in Shahr-e-Ray, south of Tehran, Iran, Saturday, March, 7, 2020.
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. In hard-hit Iran, the Health Ministry said Saturday that 21 more people had died from the virus, bringing the death toll to 145. More than 1,000 new infections were also confirmed overnight, bringing the total to 5,823 cases nationwide.
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