GCC Stock Markets Rebound on Hope of COVID-19 Treatment

The UAE and other Gulf markets started the week on a higher note, led by a jump of over 3.5 percent in the Dubai bourse and a 2.7 percent gain in the Abu Dhabi index.

Rally on the Dubai Financial Market was led by property stocks. Union Properties rose five percent while Deyaar and Emaar Properties gained 3.3 percent and 3.7 percent, respectively. Gains on the Abu Dhabi bourse were led by Eshraq Investment, Arkan, Waha Capital, Abu Dhabi Ship Building and First Abu Dhabi Bank.

The positive sentiments on the regional bourses were on the back of gains in the US stocks on Friday where the Dow Jones Industrial Average rallied three percent, S&P 500 jumped 2.7 percent and Nasdaq advanced 1.4 percent. The recovery was driven by some hopes that there could be a treatment solution for coronavirus that will help the US and the global economy to recover faster.

Saudi Arabia's Tadawul, the largest bourse in the Gulf region, was also up half a percent after opening. Boursa Kuwait also made a strong start to the week, rising 1.4 percent to 5,191 points. Qatar Stock Exchange was up 1.33 percent while Bahrain index was nearly unchanged.