Mideast stocks rebound after two straight days of steep losses

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Mideast stocks rebound after two straight days of steep losses

On Sunday, the 19th of April 2020, a gauge of Gulf bourses had winded down the day with modest gains following two consecutive days of heavy losses, as investors’ optimism appeared to be revived following reveal of a positive clinical trial report of a Gilead anti-viral drug, Remdesivir, alongside a marginal drop in newer pandemic cases.

On top of that, traders seemed to have restored some of their risk appetites on Sunday (April 19th) followed by two straight sessions of steep losses that made a number of blue-chip stocks available at a cheaper price. Aside from that, the US President Donald Trump’s invigorated approach to reopen the economy as soon as possible alongside identical measures from some of the European majors had added to further investors’ optimism.

Besides, Dubai’s main index had advanced 3 per cent following a 3.7 per cent leapfrog of Dubai’s largest lender, the Emirates NBD, while Abu Dhabi’s key index had climbed 2.9 per cent, almost entirely goaded by a 4 per cent gain of the United Arab Emirates’ largest lender, the First Abu Dhabi bank.

Apart from that, Saudi’s main index added 0.7 per cent, while the Qatari bourse rose by 0.5 per cent on financials’ gains. Elsewhere in the Mideast, Kuwaiti bourse had wrapped up Sunday’s (April 19th) market 1.7 per cent higher.