Mideast Stocks: Major Gulf stocks rise on stimuli; others extend losses | ZAWYA MENA Edition:
Major stock markets in the Gulf closed higher on Wednesday as stimulus measures by central banks eased worries about the economic impact from the coronavirus outbreak, while other indexes extended losses.
In Abu Dhabi, the index advanced 2.3%, snapping five days of losses, boosted by a 14.9% surge in teleco Etisalat. The exchange on Wednesday reduced the daily maximum decline of shares to 5% from 10% earlier.
On Tuesday, ratings agency Moody's Investor Service said the United Arab Emirates (UAE) support scheme would soften the fallout from the pandemic on the economy and banks.
The UAE last week announced a $27 billion plan to counter the outbreak's economic impact.
"Support measures will limit UAE banks likely material asset quality deterioration due to the coronavirus outbreak," Moody's said.
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