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Mideast Stocks Gain, Lifted by Agreement on US Stimulus Package

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Last updated: 03/25/2020 11:05:15

11:05 AM EDT, 03/25/2020 (MT Newswires) -- Middle East shares rose, buoyed by an economic stimulus package in the US.

An initial $2 trillion stimulus package was agreed upon by the White House and lawmakers that would, among other things, provide direct financial checks to many Americans, expand unemployment insurance and offer health-care providers additional resources.

Around the region, Qatar's central bank on Wednesday agreed to postpone loan installments and interest for six months for sectors affected by the coronavirus pandemic.

Saudi Arabi reported its first death on Wednesday, in Medina, and 205 new cases taking its total to 767.

In company news, Saudi Company for Hardware and Nama Chemicals saw a sharp drop in annual profits.

Saudi Arabia's main index edged up 0.2% to 6,209 points, Abu Dhabi soared 7.4% to 3,921 points, Dubai jumped 6.4%% to 1,823 points, Qatar gained 3.1% to 8,534 points, Egypt added 1% to 9,866 points, Bahrain advanced 1.8% to 1,385 points, Oman firmed 0.1% to 3,556 points and Kuwait rose 2.7% to 5,342 points.

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