KUWAIT CITY (AFP) - 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.
Saudi Arabia's stock market, the largest in the Arab world, was up six percent in the first few minutes after opening, spurred by market leaders such as SABIC, telecoms and banks.
The TAdawul All-Shares index (TASI) closed down 9.7 percent on Tuesday -- near its maximum allowed daily decline of 10 percent.
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 percent on Tuesday in one of the worst single day losses.
Oman's Muscat Securities Market also shot up three percent in early trading after shedding 8.3 percent the previous day.
Kuwait Stock Exchange index opened up slightly by 0.4 percent. It shed 1.6 percent on Tuesday.
Qatar's Doha Securities Market was up four percent at start of trading. It dipped 7.76 percent on Tuesday.
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