Mideast Stocks: Gulf Stocks rebound in early trade as oil prices bounce back | ZAWYA MENA Edition

Mideast Stocks: Gulf Stocks rebound in early trade as oil prices bounce back | ZAWYA MENA Edition:

Gulf stock markets rebounded in early trade on Tuesday after their record falls in the previous session, tracking a bounce-back in Asian peers and oil prices on stimulus hopes and virus slowdown in China.

Oil prices rose 8% after a 25% slump on Monday, the biggest one-day rout in nearly 30 years, which was triggered by Saudi Arabia's move to slash prices and raise production next month after Russia refused to support deeper cuts in oil output to cope with the outbreak of coronavirus.

President Donald Trump on Monday said he will be taking "major" steps to gird the U.S. economy against the impact of the spreading coronavirus outbreak, while the European Central Bank meets on Thursday and will be under intense pressure to act.

Chinese President Xi Jinping visited Wuhan the epicentre of the coronavirus outbreak on Tuesday; a sign that Beijing believes its efforts to control the virus are working. Mainland China reported 19 new coronavirus infections on Monday down from 40 a day earlier.

Saudi Arabia's benchmark index was up 5.7% with Al Rajhi Bank advancing 6.5%, while the Oil giant Saudi Aramco climbed 6.4% to 30.15 riyals ($8.03)