UAE, Asian stocks rally after big gains on Wall Street

UAE, Asian stocks rally after big gains on Wall Street

Dubai Financial Market jumped 4.3 per cent while Abu Dhabi Securities Exchange vaulted 6.7 per cent.. The UAE and Asian stocks rallied on Wednesday morning on the back of higher oil prices and Wall Street's big gains yesterday as US Congress appeared closer to passing $2 trillion stimulus package to contain coronavirus pandemic.. Recovery in Dubai shares was led by property and banking shares.. Damac Properties was the top gainer, rising 9.44 per cent, Deyaar jumping 8.33 per cent and Emaar Properties gaining 7.21 per cent.. Among banking scrips, Emirates NBD jumped 8.5 per cent while Dubai Islamic Bank rose more than one per cent.. Abu Dhabi shares also made a smart recovery, led by banking scrips.. First Abu Dhabi Bank, the UAE's largest bank, rose six per cent to Dh10.1 a share while Abu Dhabi Commercial Bank gained nearly six per cent to Dh5.21.. Other top gainers were Abu Dhabi Ship Building, Manazel and Dana Gas.. Boursa Kuwait was also trading in positive territory, rising 2.37 per cent.. Oil prices were also trading higher on Wednesday morning with WTI rising 3.9 per cent to $24.96 per barrel and Brent gaining nearly three per cent to $30.62 per barrel.. On