Stocks rebound, led by developers

MARKETS REBOUND: Gulf stocks recovered their losses to close higher across the board on Thursday, led by developers. (Getty Images)

Gulf markets rebounded from earlier losses to close higher across the region on Thursday as key banking, real estate and telecom stocks surged.

Most major indexes finished the session in positive territory with the biggest gain coming from Dubai’s benchmark, which shot up 1.36% on the back of a strong day for property giant, Emaar.

The Dubai-based developer gained 1.3% while Emirates National Bank of Dubai rose 1.23% to nudge the index 1.36% higher to close on 5,815.53 points.

Abu Dhabi climbed to on the back of solid trading of Aldar Properties. The largest developer in the UAE capital rose 1.71% to push the benchmark higher by 0.72%. It closed on 5,024.85 points.
 
The Gulf’s best-performing index, Oman, also ended the session higher on the back of positive results for telecom provider, Omantel, and Bank Muscat. The two stocks rose 1.6% and 1.5% respectively while the index moved 0.46% higher to finish on 11,262.79 points.

After posting the only gains on Wednesday, Kuwait continued in a positive fashion, ending the day higher again. The index edged 0.43% higher on the back of positive Mobile Telecommunications, which gained 1.64%.

The index ended on 14,754.8 points, up 0.43%.

Qatar closed on 11,316.15, up 0.24% thanks to solid performances from United Development Company, up 4.06%, and Qatar Insurance Company, up 4.61%.

Markets in Bahrain and Saudi were closed for the day.

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