Major Mideast bourses eke out gains after monetary stimulus


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Major Mideast bourses eke out gains after monetary stimulus

On Sunday, the 29th of March 2020, a slew of Gulf stock indices wrapped up the day in a fairly upbeat note after a gauge of economic giants in the Mideast had pledged an influx of tens of millions of dollars in order to weather a withering wave of financial fallouts of the pandemic, nonetheless, the Qatari bourse had snapped its gaining streak following the death of the nation’s first coronavirus patient and the Kuwaiti bourse shed 3.4 per cent.

On top of that, as Saudi and UAE had rolled out a combined $40 billion worth of fiscal stimulus last week to cushion up their economies, Saudi’s main index winded down the day 0.8 per cent higher, while Abu Dhabi’s main index had shot up 2.9 per cent following a 6.2 per cent leapfrog of the UAE’s largest lender, First Abu Dhabi Bank, and the Dubai bourse had rounded off the day 1.3 per cent higher, almost entirely buoyed by a 5.7 per cent jump of Emaar properties.

Elsewhere in the Gulf, the Qatari index shrugged off 0.6 per cent, while Egypt’s main index lost 1.5 per cent after the nation’s Treasury Department had inclined a curb on daily withdrawals to keep a lid on inflation amid the pandemic.