Middle East stocks slumped after news of the new Covid-19 variant broke. Picture: BLOOMBERG
Dubai’s benchmark gauge dropped the most, tumbling 4.6% at 12:54pm local time, its sharpest loss since March 2020. Saudi Arabia’s main index fell 3.2%, the most since October 2020. There were declines in Israel, Egypt, Jordan, Kuwait, Qatar and Abu Dhabi. Oman’s main gauge was the only one to advance.