DUBAI: Saudi Arabia’s stock market has closed more than seven percent higher and Dubai’s main index inched up more than four percent after several days of sell-offs on the back of a further slide in oil prices and investor concerns over China’s economy.
The Saudi Tadawul index, the region’s largest, had dropped 12.3 percent over the past two trading sessions, before gaining 7.4 percent on Tuesday. Dubai’s index rose 4.6 percent on Tuesday after sliding almost 8.5 percent since opening day of trading for the week on Sunday.
Other Mideast indexes, which trade from Sunday to Thursday, also tumbled at the start of the week with Egypt’s main index, the EGX30, dropping 5.4 percent Sunday. Egypt closed Tuesday gaining 2.75 percent.