MIDEAST STOCKS-Wall St surge boosts Gulf as investors pin hopes on U.S. stimulus | Nasdaq

MIDEAST STOCKS-Wall St surge boosts Gulf as investors pin hopes on U.S. stimulus | Nasdaq:

Stock markets in the Gulf rose on Wednesday, following a sharp rebound on the Wall Street as the U.S. Congress reached an agreement on a massive economic stimulus package to mitigate the economic blow from the fast-spreading coronavirus pandemic.

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.

Saudi Arabia's benchmark index .TAS gained 2.3%, with Al Rajhi Bank 1120.SE rising 2.3% and oil giant Saudi Aramco 2222.SE up 2%.

Amongst others, Dar Al Arkan 4300.SE advanced 2.3%, despite posting a 40% fall in annual profit.

In Dubai, the index .DFMGI advanced 3.6%, boosted by a 7.2% gain in Emaar Properties EMAR.DU and a 5.4% rise in top lender Emirates NBD ENBD.DU.

The Abu Dhabi index .ADI jumped 5.9%, extending gains from the previous session. The country's largest lender First Abu Dhabi Bank FAB.AD climbed 7.2% and Emirates Telecommunications ETISALAT.AD surged 9.5%.