The markets interacted positively with the assurances of US President Joe Biden, as he did not speak at dawn on Wednesday about closures, but rather about the possibility of easing travel restrictions despite his warning of a high number of injuries.
In today’s trading, most of the Gulf market indices rose, as the Saudi stock market index rose by 0.20%, the Dubai market by 0.50%, Kuwait by 0.49%, and Qatar by 0.06%.
While the markets of Bahrain and Muscat rose by approximately 0.5%, and the Abu Dhabi market was the only Gulf market that recorded losses by 0.76%.
Biden pointed to the ability to address the accelerating spread of the mutant Omicron from the Corona virus, which has become dominant in the United States.
Biden said, at dawn on Wednesday, that the situation raises concern about Omicron, but he stressed the need to “not panic”, stressing that the situation is currently different from what it was in March 2020.
Oil prices rose more than 3%, when they settled on Tuesday, recovering from a sharp drop witnessed in the previous session, with improved risk appetite.
Wall Street’s main indexes closed sharply higher on Tuesday, with travel and technology stocks rising.
The Nikkei index also rose slightly at the close on Wednesday, supported by the rise of shares of chip and technology companies, but its rise was limited by a decline in the shares of Nintendo Corporation.
The Nikkei closed 0.16% higher, after swinging between small losses and gains throughout the session in weak trading due to the Christmas holidays, while the broader Topix index rose 0.09%.
And the US President said: “There are 200 million people who have received all the vaccines. We are ready, we are more informed. We just have to stay focused.”
Biden noted that there are currently “three major differences” compared to the beginning of the pandemic, the first of which is the availability of vaccines, but also the abundance of personal protective equipment for caregivers who have to deal with the influx of unvaccinated people into hospitals, as well as the presence of accumulated knowledge about this virus.