A global stock rally swept through the Middle East on April 10 after a bruising sell-off wiped out roughly $100 billion in value from the Gulf’s largest publicly traded companies over the past week.

The rebound came as investors across the globe cheered a dramatic policy reversal from US President Donald Trump, who on April 9 announced a 90-day suspension of newly imposed tariffs on most countries. The move ignited a powerful rally on Wall Street — with the S&P 500 surging nearly 10% within hours — but came after Middle East markets had already closed for the day.

When trading resumed on April 10, regional benchmarks followed global peers. In the Gulf, Saudi Arabia’s Tadawul All Share Index (TASI) surged 3.7%, while Qatar’s QE Index climbed 1.9%, Dubai’s main index advanced 1.7% and Abu Dhabi’s 0.6%. Elsewhere in the region, Egypt’s EGX 30 gained 2.4%, and Tel Aviv’s TA-125 climbed 2.13%.

The gains offered some relief after most major markets saw significant declines during the prior week as global trade war fears and sharply fallen oil prices sparked jitters. Leading the way was Saudi Arabia’s TASI, which fell 6% from April 3 to April 9, while Abu Dhabi’s slid 4% and Egypt’s main index sank 5%.