Indian retail investors watch stock prices outside the Bombay Stock Exchange. Agence France-Presse
Indian shares tumbled on Friday, as banking stocks came under pressure after the country’s central bank placed troubled lender Yes Bank under a moratorium and took over its board.
The Indian rupee has breached the 74 per dollar mark and experts feel that with continued global economic concerns and possibilities of further plunge in financial and oil markets, it may continue to witness volatility in the coming days.
The S&P BSE Sensex and NSE Nifty 50 indices suffered their biggest single-day selloff ever in absolute terms as the Indian markets entered a bear phase.
Indian stocks recovered sharply in afternoon trading on Friday after tumbling earlier in the session as major global markets were lifted by hopes that a US stimulus package could help limit the economic damage from the coronavirus outbreak.
Dubai Economy issued fines to nine pharmacies and two pharmaceuticals suppliers for inflating the prices of face masks and trying to take undue advantage of the high demand for hygiene essentials following the nationwide alert against the Covid-19 pandemic.
The total value of the UAE’s non-oil trade in the first half of 2019 increased to Dhs786 billion, a 3.3 per cent growth compared to Dhs760.5 billion in the first half of 2018, according to the Federal Competitiveness and Statistics Authority, FCSA.
The UAE Rulers’ initiatives keep us motivated. The country has recently approved an additional support package of Dhs16 billion, bringing the total stimulus package to Dhs126 billion.
Egypt’s central bank is expected to leave its main interest rates unchanged as it weighs the impact of an emergency 300 basis point cut two weeks ago to soften the economic impact of the coronavirus outbreak, a Reuters poll showed.