Dubai leads Gulf stocks surge as markets open on a positive note

Dubai: The Dubai Financial Market went up 8.3 per cent as trading opened on Tuesday, followed by other markets in Gulf countries, with Abu Dhabi rising 6 per cent and Oman 5.5 per cent.

Share prices surged as governments took action to restore investor confidence in the markets and the financial system.

The UAE on Monday announced it would guarantee all bank deposits, including those with foreign commercial banks that have significant retail operations in the country.

The Cabinet on Monday also authorised the Emirates Securities and Commodities Authority (Esca) to ease restrictions on share buybacks in an effort to boost stocks after weeks of decline.