BANGKOK: Japan’s benchmark Nikkei 225 index soared more than 10 percent on Tuesday, rebounding after a rollercoaster start to the week that sent markets tumbling in Europe and on Wall Street.

European markets were mostly lower, with Germany’s DAX down 0.4 percent at 17,277.27 and the CAC 40 in Paris 0.7 percent lower, at 7,098.89.

In London, the FTSE 100 shed 0.4 percent to 7,974.44.

Those modest declines and gains in Asia suggested a respite from the turmoil of the past two trading sessions, when the Nikkei lost a combined 18.2% and other markets also swooned. US futures showed solid gains, with the contract for the S&P 500 up 0.5 percent and that for the Dow Jones Industrial Average gaining 0.3 percent.

Monday’s plunge reminiscent of a crash in 1987 that swept around the world pummeled Wall Street with more steep losses, as fears worsened about a slowing US economy.

The Nikkei gained nearly 11 percent early Tuesday and bounced throughout the day to close up 3,217.04 points at 34,675.46 as investors snapped up bargains after the 12.4 percent rout of the day before.

“Calm finally appears to be returning,” Bas van Geffen of Rabobank said in a report. The Nikkei’s 10 percent gain didn’t make up for Monday’s loss, he said, “but at least it takes some of the ‘panic’ out of the selling.”

The dollar rose to 144.87 yen from 144.17 yen. The yen’s rebound against the dollar after the Bank of Japan raised its main interest rate on July 31 was one factor behind the recent market swings, as investors who had borrowed in yen and invested in dollar assets like US stocks sold their holdings to cover the higher costs of those “carry trade” deals.

Elsewhere in Asia, South Korea’s Kospi jumped 3.3 percent to 2,522.15. It had careened 8.8 percent lower on Monday.

Hong Kong’s Hang Seng index gave up early gains to close 0.3 percent lower at 16,647.34. The Shanghai Composite index, largely bypassed by Monday’s drama, rose 0.2 percent to 2,867.28.

In Australia, the S&P/ASX 200 advanced 0.4 percent to 7,680.60 as the central bank kept its main interest rate unchanged. On Monday, the S&P 500 dropped 3 percent for its worst day in nearly two years. The Dow declined 2.6 percent and the Nasdaq composite slid 3.4%.

RIYADH: The CEO of Zain KSA, Sultan bin Abdulaziz Al-Deghaither, who is credited with turning around the company, passed away, the mobile telecommunications operator announced. 

Al-Deghaither, who served as CEO for six years, led the company through a transformative period, eliminating over SR2 billion ($532.6 million) in accumulated losses and tripling its market capitalization. 

Mourning the top official, the company posted on its X account: “With deep sorrow and sadness, the Zain Saudi family mourns the loss of its CEO, Eng. Sultan bin Abdulaziz Al-Deghaither.” 

Al-Deghaither first joined the company in 2009 as director of network planning and became CEO on July 1, 2018. Under his leadership, Zain KSA was ranked the 13th most powerful brand in Saudi Arabia, according to the company’s website. 

Al-Deghaither also served as the managing director of Tamam Finance Co. Ltd, where his expertise helped create a success story in the fintech space. 

The board of directors of the Saudi Tadawul Group Holding Co, representing all its employees, expressed their deep sorrow for the loss of Al-Deghaither, who also served as an independent board member and chairperson of the group’s Nominations and Remunerations Committee. 
The Tadawul group said it would later announce any updates regarding the appointment of a new board member and the chair for its committee. 

KSA Huawei also expressed its sorrow for the passing of Al-Deghaither in a post on its X account, extending its sincere condolences to his family.  

In his final post on his X account, Al-Deghaither, who was also a board member of Al-Nassr FC, congratulated Saudi Arabia, Crown Prince Mohammed bin Salman, and Minister of Sport Prince Abdulaziz bin Turki bin Faisal on the submission of the Saudi bid to host the FIFA World Cup 2034. 

“This achievement reflects our great aspirations and ambitious vision to share with the world,” he said in his post. 

With 19 years of experience, Al-Deghaither had a good track record in executive, operational, and technical management. He led several pioneering projects that positioned Zain KSA at the forefront of the telecom industry in the Kingdom. 

He developed a strategic vision for Zain KSA’s business sector, fostering significant investment in innovative technologies and digital solutions, including cloud computing and future 5G applications, including the Internet of Things, artificial intelligence, blockchain, and drones. 

He managed Zain KSA’s transformation from a telecom company to an integrated digital ecosystem, serving as a key pillar for the emergence and growth of new technology sectors in the Kingdom. 

In 2022, he spearheaded the strategic partnership between Zain KSA and gaming and esports hub PLAYHERA, which led to the establishment of PLAYHERA MENA.

Al-Deghaither advanced the country’s fintech sector by launching Tamam as the first consumer micro-financing entity in the Kingdom and the Middle East. He oversaw its expansion and operational plan, achieving record profits in a short time. 

He championed the advancement of women into leadership positions within his company. Under his guidance, the company saw increased empowerment of Saudi women at the leadership level, strengthening their presence in the telecommunications sector. 

Ranked among the best 300 CEOs in the telecommunications sector by MENA TRNDS, Al-Deghaither held a bachelor’s degree in telecommunications and electrical engineering from King Saud University and an advanced management program degree from IESE Business School in Spain.