Asian shares kept the recovery momentum on Tuesday, boosted by an extended rebound on Wall Street as its three major indices rose for the second day on Monday.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1 percent on Tuesday, having suffered a 7.3 percent loss last week.
In the Middle East, most markets tracked a rebound in global markets on Monday.
Saudi Arabia’s index surged 1.3 percent on the back of petrochemical stocks, boosted by a recovery in oil prices.
Saudi Basic Industries, jumped 1.7 percent, Al Rajhi Bank climbed 2.2 percent and Trade Union Cooperative Insurance surged 5.2 percent.
Investment bank EFG Hermes said January had seen $1 billion of net foreign fund inflows into Middle Eastern and North African equities, the highest since April 2015. Saudi Arabia has had the biggest share, $703 million.
Dubai’s index edged down 0.2 percent as DXB Entertainments fell 0.5 percent after reporting its net loss widened to 1.12 billion dirhams ($305 million) in 2017 from 485 million dirhams in 2016.
Air Arabia, rose 0.8 percent in heavy trading.
Abu Dhabi's index rose 0.6 percent as Abu Dhabi National Energy Co added 11.9 percent in its heaviest trade since last August.
In Qatar, the index lost 0.6 percent, with Qatar National Bank losing 4.6 percent as it went ex-dividend.
Ooredoo lost 5.4 percent after saying annual net profit fell 10 percent, although fourth-quarter profit climbed 13 percent.
Egypt’s index rose 0.4 percent, Bahrain and Kuwait both added 1.0 percent, while Oman’s index added 0.2 percent.
In commodities, oil prices also rose on Tuesday, in line with global markets, as OPEC said on Monday it expected world oil demand to climb by 1.59 million barrels per day (bpd) this year, an increase of 60,000 bpd from the previous forecast, reaching 98.6 million bpd.
U.S. West Texas Intermediate (WTI) crude futures were at $59.44 a barrel at 0103 GMT. That was up 15 cents, or 0.25 percent, from their last settlement.
Brent crude futures were at $62.78 per barrel, up 19 cents, or 0.3 percent, from the previous close.
In currencies, the dollar was weak on Tuesday as risk appetite was back on equity markets and investors waited for U.S. inflation data for clues on the pace of interest rate hikes.
Gold prices held firm on Tuesday on a weaker dollar. Spot gold was at $1,322.82 an ounce, as of 0234 GMT.
In other news, Egypt’s central bank data showed that average yields on Egypt's five- and 10-year treasury bonds fell at an auction on Monday.
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