(Bloomberg) --

Dubai’s benchmark stock index dropped the most in the Gulf after Moody’s Investors Service cut the outlook for some of the biggest banks in the United Arab Emirates.

The DFM General Index lost as much as 1.3%, with Emirates NBD and Dubai Islamic Bank weighing the gauge down the most. Measures in Abu Dhabi and Qatar also fell.

Moody’s reduced the long-term ratings of eight UAE-based banks to negative from stable. “The coronavirus outbreak represents a significant shock to the UAE’s open economy and coincides with a significant drop in oil prices that also weighs on growth,” the ratings agency said.

MIDDLE EASTERN MARKETS:

• Moody’s cut the outlook for the following UAE banks:
  • Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD, Mashreqbank, National Bank of Fujairah, National Bank of Ras Al-Khaimah and HSBC Bank Middle East
• Saudi Arabia’s Tadawul All Share Index rises 0.3% as of 11:26am in Riyadh
  • The kingdom resumed all commercial activities on Sunday
  • Saudi Arabian Mining Co. climbs 0.8%. Its phosphate unit signed an accord with a group of lenders to refinance and reschedule debt worth $4.1b
  • READ: Saudi Home Financier Seeks to Raise About $123 Million in IPO
• Qatar’s QE Index falls 0.7%
  • READ: Al Rayan Bank Resilience Could Weather Pressure: Company Outlook
• Israel’s TA-35 drops 2.1%
  • READ: Israel’s Bezeq Sees Scope for National Fiber Rollout This Year
• READ: Buyer Beware: Oil Stockpiles Are Enormous: Julian Lee

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