Gulf stocks lifted by Wall Street and oil rebound

Gulf stock markets rallied for a second day on Tuesday after Wall Street’s sharp gains on slowdowns in coronavirus-related deaths and new cases in some global hot spots.

Rising crude oil prices also cheered investors in a region that relies heavily on the oil sector.

Dubai’s main share index advanced 3.9 percent , led by a 5 percent jump in its top lender Emirates NBD and a 4.6 percent rise for Emaar Properties.

The latter sold an 80% stake in its cooling business in the prime Dubai downtown area to National Central Cooling Co (TABREED) for 2.48 billion dirhams ($675 million), the companies said on Monday. Tabreed traded flat.

The Abu Dhabi index gained 3.5%, with largest lender First Abu Dhabi Bank soaring 8% while Abu Dhabi Commercial Bank gained 5.5percent .

Meanwhile, the UAE’s Securities and Commodities Authority has extended the period for companies to report first-quarter earnings, it said in a statement on Monday.

In Qatar, the index was up 2.4 percent , with all stocks in positive territory, including a 2.4 percent gain for Qatar Fuel Company .

The Gulf state on Tuesday started marketing U.S. dollar-denominated bonds in tranches of 5, 10, and 30 years, sources familiar with the matter said, seeking to raise cash amid low oil prices and market uncertainty caused by the coronavirus outbreak.

Saudi Arabia’s benchmark index added 0.3 percent . Petrochemicals company Saudi Basic Industries rose 1.3 percent and Saudi Telecom was up 0.9 percent .