MIDEAST STOCKS-Most Gulf stocks end higher on stimulus, oil prices | Nasdaq:
Most markets in the Middle East reversed losses to close higher on Thursday as measures by the region's central banks calmed investor nerves, while higher oil prices also aided sentiment.
Oil prices bounced nearly 7% after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.
Brent crude LCOc1 jumped $1.43, or 5.75%, to $26.33 a barrel by 1045 GMT.
In Abu Dhabi, the index .ADI leapt 8.4%, with First Abu Dhabi Bank (FAB) FAB.AD surging 14.9%, its biggest intraday gain since June 2016.
Abu Dhabi Commercial Bank ADCB.AD was up 14.4% after the lender said on Wednesday it will introduce a wide range of measures from April 2 to help over 1.2 million retail and thousands of small-and-medium business customers.
The UAE last week announced a $27 billion plan to counter the economic fallout from the outbreak.
Dubai's main share index .DFMGI added 2.9%, with blue-chip developer Emaar Properties EMAR.DU soaring 12.1%.
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