Most bourses in the Middle East closed higher on Tuesday, with Saudi outperforming the region, as global policymakers signalled a united front to address the economic fallout from the spreading coronavirus. G7 finance ministers and central bank governors on Tuesday said they would use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks from the fast-spreading coronavirus.
Saudi Arabia's benchmark index advanced 2.8%, with all its banking shares trading in positive territory. Al Rajhi Bank added 3.4%, while petrochemical maker Saudi Basic Industries jumped 5.3%.
Elsewhere, Seera Group Holding was up 3.2%, after the travel operator swung to annual profit from year ago losses.
Egypt's blue-chip index gained 1%, as tobacco monopoly Eastern Company hiked 3.8%, while Palm Hills Developments surged 5.3% following a buyback of 1.3 million shares.
Egypt introduced exceptional measures on Sunday to make it easier for listed companies to buy treasury stocks, a move aimed at supporting the stock market following a sharp fall in world markets in the past few days.
In Abu Dhabi, the index was up 0.9% with telecoms firm Etisalat and Abu Dhabi Islamic Bank both rising 2.8%.
The Qatari index rose 0.5%, snapping six days of losses. Qatar International Islamic Bank climbed 4.6%, while Doha Bank closed 5.3% up.
Kuwait's index increased 2.3%, extending gains from the previous session, boosted by a 3.4% gain in National Bank of Kuwait and a 1.7% rise in Kuwait Finance House.
Dubai's main share index shed earlier gains to end flat, as Emirates Integrated Telecommunications retreated 2%, while Emirates NBD Bank rose 0.8%. Meanwhile, major concerts and events in the United Arab Emirates, an air transit centre as well as a tourism and business hub, have been cancelled or postponed as the coronavirus spreads in the Gulf.
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