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UAE, Asian stocks rally after big gains on Wall Street

Waheed Abbas/Dubai
Filed on March 25, 2020
UAE coronavirus , Wuhan, Covid-19, health, China, warning, travel, mers, sars, Coronavirus outbreak, tourists, Visa, Flight, Middle east, Bahrain, Kuwait, Iran, Italy

Dubai Financial Market jumped 4.3 per cent while Abu Dhabi Securities Exchange vaulted 6.7 per cent.

Dubai - The UAE and Asian stocks rallied on Wednesday morning on the back of higher oil prices and US Congress deal on $2 trillion stimulus package to contain coronavirus pandemic.

Dubai Financial Market jumped 4.3 per cent while Abu Dhabi Securities Exchange vaulted 6.7 per cent.

Recovery in Dubai shares was led by property and banking shares. Damac Properties was the top gainer, rising 9.44 per cent, Deyaar jumping 8.33 per cent and Emaar Properties gaining 7.21 per cent.

Among banking scrips, Emirates NBD jumped 8.5 per cent while Dubai Islamic Bank rose more than one per cent.

Abu Dhabi shares also made a smart recovery, led by banking scrips. First Abu Dhabi Bank, the UAE's largest bank, rose six per cent to Dh10.1 a share while Abu Dhabi Commercial Bank gained nearly six per cent to Dh5.21. Other top gainers were Abu Dhabi Ship Building, Manazel and Dana Gas.

Boursa Kuwait was also trading in positive territory, rising 2.37 per cent.

Oil prices were also trading higher on Wednesday morning with WTI rising 3.9 per cent to $24.96 per barrel and Brent gaining nearly three per cent to $30.62 per barrel.

On Wall Street, the Dow Jones Industrial Average soared 11.37 per cent on Tuesday, its biggest one-day percentage gain since 1933.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.3 per cent with Australian shares rising 4.5 per cent and South Korean shares gaining 4.0 per cent. Japan's Nikkei added 2.0 per cent. China stocks also hit a one-week high on Wednesday after the US Congress would pump trillions of dollars to support the world's largest economy during the coronavirus pandemic.

The Hang Seng Index also climbed 2.1 per cent to 23,143.24. ** The smaller Shenzhen index was up 2.1 per cent and the start-up board ChiNext Composite index gained 2.5 per cent. 

After massive selloff over the last few days, Pakistan Stock Exchange was also up by 0.35 per cent on Wednesday morning after 1.5 per cent interest rate cut was announced on Tuesday evening by State Bank of Pakistan.

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