Mideast Stocks: Wall Street surge boosts Gulf as investors pin hopes on U.S. stimulus

Saudi Arabia's benchmark index gained 2.3%, with Al Rajhi Bank rising 2.3% and oil giant Saudi Aramco up 2%.

  

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.

Saudi Arabia's benchmark index gained 2.3%, with Al Rajhi Bank rising 2.3% and oil giant Saudi Aramco up 2%.

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;))

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