Stock markets in the Gulf rose on Wednesday, following a sharp rebound on the Wall Street as the U.S. Congress reached an agreement on a massive economic stimulus package to mitigate the economic blow from the fast-spreading coronavirus pandemic.
The Senate will vote on the $2-trillion package later in the day and the House of Representatives is expected to follow suit soon after.
Amongst others, Dar Al Arkan advanced 2.3%, despite posting a 40% fall in annual profit.
In Dubai, the index advanced 3.6%, boosted by a 7.2% gain in Emaar Properties and a 5.4% rise in top lender Emirates NBD.
The Abu Dhabi index jumped 5.9%, extending gains from the previous session. The country's largest lender First Abu Dhabi Bank climbed 7.2% and Emirates Telecommunications surged 9.5%.
On Sunday, the United Arab Emirates approved an additional 16 billion dirhams ($4.36 billion) for a total stimulus package of 126 billion dirhams to counter the coronavirus outbreak, the UAE vice president tweeted after a cabinet meeting.
In Qatar, the index increased 2.8%, as all shares on the index were in positive territory. Qatar National Bank rose 4%, while Qatar Islamic Bank ticked up 3.3%.
($1 = 3.6728 UAE dirham)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))