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Mideast stocks sink as coronavirus worries intensify
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(Reuters) – Middle Eastern stocks plunged on Sunday, with Kuwait falling the most, as the spread of coronavirus stoked fears that outbreak could hurt the global economy and oil prices.
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Leaders in Europe, the Middle East and the Americas rolled out bans on big gatherings and stricter travel restrictions as cases of the virus spread around the world. In Kuwait, the index, which traded after a three-session break, slumped 11%, its biggest ever intraday fall, dragged down by a 14.5% fall in National Bank of Kuwait.
Kuwait, which reported 46 people infected with the coronavirus, called on its citizens to avoid traveling over concerns about the spread of the disease. Egypt tumbled 6%, its biggest intraday fall since November 2012. Commercial International Bank slid 6%, whereas Eastern Company was down 5.9%.