Mideast Stocks: Middle East stocks advance on giant U.S. stimulus package | ZAWYA MENA Edition:
Stock markets in the Middle East closed higher on Wednesday, as a mammoth stimulus in the United States to mitigate the economic blow from the fast-spreading coronavirus pandemic lifted investor sentiment across the globe.
U.S. senators and Trump administration officials have reached agreement on a massive economic stimulus bill to alleviate the impact of the coronavirus outbreak, the negotiators said on Wednesday.
The Senate will vote on the $2-trillion package later in the day and the House of Representatives is expected to follow suit soon after.
In Abu Dhabi, the index jumped 7.4%, extending gains from the previous session, driven by a 8.1% rise in First Abu Dhabi BankFAB.AD and a 9.1% increase in Emirates Telecommunications .
Dubai's main share index advanced 6.4%, as Emaar Properties surged 11.5%, while Emirates NBD Bank ended 8.2% higher.
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