Mideast Stocks: Most major Gulf indexes rebound in line with oil, global stocks | ZAWYA MENA Edition:
Most major bourses in the Gulf rebounded on Tuesday, mirroring gains in oil and global equities, as investors pinned hopes on unprecedented stimulus steps by the U.S Federal Reserve to ease strains in financial markets amid the coronavirus pandemic.
In its latest mould-breaking step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and municipal bonds and backstop a series of other measures.
Brent crude was up by 90 cents a barrel, or 3.2%, to $27.93 by 1225 GMT.
The Abu Dhabi index jumped 6.1%, boosted by a 9.5% surge in top lender First Abu Dhabi Bank FAB.AD and a 6.8% rise in Emirates Telecommunications.
On Sunday, the United Arab Emirates approved an additional 16 billion dirhams ($4.36 billion) for a total stimulus package of 126 billion dirhams to counter the coronavirus outbreak, the UAE vice president tweeted after a cabinet meeting.
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