Mideast Stocks: Most Gulf stocks close higher on stimulus hopes; Qatar slides | ZAWYA MENA Edition:
Middle Eastern stocks ended higher on Monday, a day after witnessing steep declines, as hopes of global interest rate cuts offset fears of damage to demand from the coronavirus outbreak.
Last week's wide losses led financial markets to price in policy responses from the U.S. Federal Reserve to the Bank of Japan, which indicated on Monday it would take necessary steps to stabilise financial markets.
Dubai's main share index closed up 2.5%, with blue-chip developer Emaar Properties rising 3.3%.
Air Arabia, the country's only listed airline, jumped 6.2% to become the top gainer. The airliner registered heavy losses the previous few days, following suspension of all flights to and from Iran until further notice over coronavirus fears.
In Abu Dhabi, the index added 0.8%, supported by a 1.7% gain in the UAE's largest lender First Abu Dhabi Bank.
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