Gulf bourses rebound in line with global shares
April 8 (Reuters) - Stock markets in the Gulf ended higher on Tuesday, rebounding from a global selloff on hopes that the U.S. might be willing to negotiate some of its heavy import tariffs.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 1%, extending gains from the previous session, led by a 1.9% rise in Al Rajhi Bank (1120.SE), opens new tab and a 4.7% jump in Elm Company (7203.SE), opens new tab.
On Sunday, the Saudi index had fallen 6.8%, its biggest one-day slide since the early days of the 2020 COVID-19 pandemic.
The Saudi bourse recovered for the second consecutive day after finding support levels, said Milad Azar, a market analyst at XTB MENA.
"However, a sustained general recovery would require fundamental changes, particularly regarding tariff risks and their potential economic impact."
Dubai's main share index (.DFMGI), opens new tab climbed 1.9%, buoyed by a 1.3% gain in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 2.2% leap in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.5%.
Oil prices — catalyst for the Gulf's financial markets — steadied but remained near four-year lows as a recovery in equity markets was outweighed by recession fears exacerbated by trade conflicts.
The Qatari index (.QSI), opens new tab rose 1.3%; Qatar Islamic Bank (QISB.QA), opens new tab gained 2.5% and petrochemical maker Industries Qatar (IQCD.QA), opens new tab was up 2.3%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.6%, supported by a 7.1% jump in tobacco monopoly Eastern Company (EAST.CA), opens new tab.
Egypt and France have signed a 7 billion euro ($7.66 billion) agreement to develop finance and operate a green hydrogen production facility, Egypt's transportation ministry said.
($1 = 0.9135 euros)
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