DUBAI: Stock markets in the Gulf ended higher on Tuesday, rebounding from a global selloff on hopes that the US might be willing to negotiate some of its heavy import tariffs.
Saudi Arabia’s benchmark index advanced 1%, extending gains from the previous session, led by a 1.9% rise in Al Rajhi Bank and a 4.7% jump in Elm Company.
On Sunday, the Saudi index had fallen 6.8%, its biggest one-day slide since the early days of the 2020 COVID-19 pandemic.
The Saudi bourse recovered for the second consecutive day after finding support levels, said Milad Azar, a market analyst at XTB MENA.
Dubai’s main share index climbed 1.9%, buoyed by a 1.3% gain in blue-chip developer Emaar Properties and a 2.2% leap in sharia-compliant lender Dubai Islamic Bank. In Abu Dhabi, the index added 0.5%.
Oil prices — catalyst for the Gulf’s financial markets — steadied but remained near four-year lows as a recovery in equity markets was outweighed by recession fears exacerbated by trade conflicts.
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