The drop came as global oil prices suffered their worst losses since the start of the 1991 Gulf War.
The state oil giant Saudi Aramco led the financial losses, dropping by 10% on Riyadh's Tadawul stock exchange and forcing a halt to Aramco's trading. Tadawul remained open, but Boursa Kuwait's premier market shut down within 30 minutes of opening Monday as stocks again dropped by 10%, the third such emergency halt to trading in recent days.
Abu Dhabi's long-haul carrier Etihad, which operated 12 flights daily to Saudi Arabia, said three flights had been airborne at the time of the announcement. When those planes landed in Dammam, Jiddah and Riyadh, only Saudi citizens could disembark, with others having to return to Abu Dhabi, the airline said.
Worldwide, there are over 110,000 confirmed cases of the new coronavirus with more than 3,800 deaths attributed to it. The Tadawul fell over 8%, with investors particularly selling their stock in Saudi Aramco, formally known as the Saudi Arabian Oil Co. The stock closed at 27 riyals a share , giving the company a valuation of $1.4 trillion. The company had reached $2 trillion in early days of trading in December.
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