UAE, GCC stock markets bounce back as oil prices recover

UAE, GCC stock markets bounce back as oil prices recover

The UAE and GCC stock markets bounced back on Tuesday morning after massive selloff witnessed over the past few days, helped by recovery in oil price and hopes of stimulus package.. Dubai Financial Market General Index gained 5.2 per cent while Abu Dhabi Securities Exchange bounced back with 4.6 per cent surge on Tuesday morning.. Saudi Arabia's Tadawul Index was also up by 5.4 per cent within few minutes of opening trade.. Boursa Kuwait jumped 4.8 per cent.. Oman's Muscat Securities Market was also up 0.34 per cent while Bahrain and Qatar indexes rose by 1.1 per cent and 2.9 per cent, respectively, on Tuesday morning.. Crude prices also bounced back on Tuesday morning after crashing 31 per cent on the previous day, rising by more than seven per cent on the hope of economic stimulus from the US.. Brent crude futures rose $2.51, or 7.3 per cent, to $36.87 a barrel by 0418 GMT, while US.West Texas Intermediate (WTI) crude gained $2.15, or 6.9 per cent, to $33.28 a barrel.US president Donald Trump has announced that he will taking a "major" step to help the US economy avoid the impact of coronavirus outbreak.� The US president will also discuss