MIDEAST STOCKS-Gulf stocks rebound in early trade on Tuesday | Nasdaq

MIDEAST STOCKS-Gulf stocks rebound in early trade on Tuesday | Nasdaq:

Major Gulf stock markets rebounded in early trade on Tuesday as robust financial results outweighed pessimism over the impact of the coronavirus outbreak in China. 

Oil prices fell for a sixth session on Tuesday on concern the spread of the virus could weaken economic growth and demand for oil. But Saudi Energy Minister Prince Abdulaziz bin Salman said the market impact was "primarily driven by psychological factors and extremely negative expectations ... despite its very limited impact on global oil demand."

In Abu Dhabi, the index .ADI rose 0.6% as the biggest bank in the United Arab Emirates, First Abu Dhabi Bank FAB, advanced 0.8% after posting a 5% increase in fourth-quarter profit. Emirates Telecom Group ETISALAT.AD was up 0.9%. 


Dubai's index .DFMGI edged up 0.1% after four days of declines. Dubai Islamic Bank DISB.DU gained 0.4% and National Central Cooling Co (Tabreed) TABR.DU jumped 5.3%.