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Gulf stock markets stronger after US rate cut
- Middle East: Wednesday, January 23 - 2008 at 14:20
Stock markets in the energy-rich Gulf Arab states rebounded strongly at the start of trading on Wednesday, a day after tumbling badly following the US Federal Reserve rate cut, reported AFP. Saudi Arabia's stock market was up six per cent in the first few minutes after opening, spurred by market leaders such as SABIC, telecoms and banks. While Dubai Financial Market index continued its upward trend on Wednesday, rising more than eight percent at midday. It lost 6.2 percent on Tuesday. The Abu Dhabi Securities Market index was 5.8 percent up two hours after the start of trading after dropping 6.8 per cent on Tuesday in one of the worst single day losses.
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Amena Bakr, Senior ReporterWednesday, January 23 - 2008 at 14:20 UAE local time (GMT+4)
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