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 TADAWUL:TASI advanced 1%, extending gains from the previous session, led by a 1.9% rise in Al Rajhi Bank TADAWUL:1120 and a 4.7% jump in Elm Company TADAWUL:7203.
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 DFM:DFMGI climbed 1.9%, buoyed by a 1.3% gain in blue-chip developer Emaar Properties DFM:EMAAR and a 2.2% leap in sharia-compliant lender Dubai Islamic Bank DFM:DIB.
In Abu Dhabi, the index ADX:FADGI 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 QSE:GNRI rose 1.3%; Qatar Islamic Bank QSE:QIBK gained 2.5% and petrochemical maker Industries Qatar QSE:IQCD was up 2.3%.
Outside the Gulf, Egypt's blue-chip index EGX:EGX30 rose 0.6%, supported by a 7.1% jump in tobacco monopoly Eastern Company EGX:EAST.
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.
SAUDI ARABIA
TADAWUL:TASI climbed 1% to 11,303
Abu Dhabi
ADX:FADGI added 0.5% to 8,989
Dubai
DFM:DFMGI gained 1.9% to 4,890
QATAR
QSE:GNRI advanced 1.3% to 9,897
EGYPT
EGX:EGX30 added 0.6% to 30,649
BAHRAIN
BAHRAIN:BHBX was up 0.1% to 1,899
OMAN
(.MSX30) rose 0.9% to 4,261
KUWAIT
(.BKP) jumped 3.1% to 8,302
($1 = 0.9135 euros)