Global markets rally, UAE indices remain unchanged
Catalysts include corporate earnings, reports of a virus cure and China halving tariffs
Dubai: Wall Street recorded its fourth straight day of gains on Thursday, clawing back losses caused by a sharp sell-off after the initial coronavirus scare.
The Nasdaq 100, S&P 500 and the Dow Jones Industrial Average were up 0.2 per cent each, with the S&P 500 having gained 3.4 per cent in the last three days.
Elsewhere in Europe, the Stoxx 600 Index rose to a record high on Thursday, with cyclical sectors leading gains and sentiment boosted by positive earnings reports.
Shares in Asia climbed as well, with Japan’s benchmark Topix index advancing 2 per cent, after China revealed plans to halve tariffs on 1,717 US-imported goods as virus threats rose.
In India, both the S&P BSE Sensex and the NSE’s Nifty50 closed the session up 0.4 per cent. Continuing their northward journey, the benchmark indices gained for the fourth straight day on Thursday after the central bank kept the repo rate unchanged.
In the UAE, top indices stayed largely unchanged in a day of light trading. While Dubai’s DFM ended flat at 2,769 points, Abu Dhabi’s ADX edged up 0.1 per cent at 5,087 points.