Mideast Stocks: Gulf markets lifted by Wall Street and oil rebound

Dubai's main share index advanced 3.9%, led by a 5% jump in its top lender Emirates NBD and a 4.6% rise for Emaar Properties

  

Gulf stock markets rallied for a second day on Tuesday after Wall Street's sharp gains on slowdowns in coronavirus-related deaths and new cases in some global hot spots.

Rising crude oil prices also cheered investors in a region that relies heavily on the oil sector.

Brent crude was up 90 cents, or 2.7%, at $33.95 a barrel by 0747 GMT on hopes that the world's biggest oil producers will agree to curtail production as the coronavirus pandemic ravages the global economy.

Dubai's main share index advanced 3.9%, led by a 5% jump in its top lender Emirates NBD and a 4.6% rise for Emaar Properties.

The latter sold an 80% stake in its cooling business in the prime Dubai downtown area to National Central Cooling Co (TABREED) for 2.48 billion dirhams ($675 million), the companies said on Monday. Tabreed traded flat.

The Abu Dhabi index gained 3.5%, with largest lender First Abu Dhabi Bank soaring 8% while Abu Dhabi Commercial Bank gained 5.5%.

Meanwhile, the UAE's Securities and Commodities Authority has extended the period for companies to report first-quarter earnings, it said in a statement on Monday. 

In Qatar, the index was up 2.4%, with all stocks in positive territory, including a 2.4% gain for Qatar Fuel Company.

The Gulf state on Tuesday started marketing U.S. dollar-denominated bonds in tranches of 5, 10, and 30 years, sources familiar with the matter said, seeking to raise cash amid low oil prices and market uncertainty caused by the coronavirus outbreak. 

Saudi Arabia's benchmark index added 0.3%. Petrochemicals company Saudi Basic Industries rose 1.3% and Saudi Telecom was up 0.9%.

The world's main oil producers, including Saudi Arabia and Russia, are expected to agree to cut output at a meeting on Thursday. 

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru Editing by David Goodman) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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