Gulf markets rebound as oil prices recover – The National

Gulf markets rebound as oil prices recover – The National

Gulf markets rebound as oil prices recover. A US government plan to cut payroll taxes and roll out other measures may boost investor confidence. The rise in GCC equities follows a recovery in oil prices on Tuesday after they slumped nearly 31 per cent in intraday trading on Monday as Saudi Arabia and Russia failed to reach an agreement on further production cuts.. In the short term, the downside risks apply everywhere and for asset managers who are restricted to regional markets it make sense to "simply carry on and focus on the same debt and equity securities they liked before these falls", he said.. Kuwait's Premier Market, which suspended trading in two sessions this week, climbed more than 6 per cent during early trade on Tuesday, but closed the session 0.4 per cent lower.. In Abu Dhabi, Aldar Properties rose almost 14 per cent, while Abu Dhabi Commercial Bank gained8 per cent to help the emirate's main index close 5.5per cent higher.. US President Donald Trump's announcement that the White House and Congress would meet on Tuesday to consider "very substantial" economic relief measures, which may include a payroll tax cut, also helped sentiment.. "If the Federal Reserve's emergency