Markets rebound after days of volatility

STOCKS REBOUND: Markets in the Gulf have rebounded after days of turmoil. (Getty Images)

After days of turmoil markets across the Gulf rebounded on Wednesday after markets in the US and Asia rallied following news US authorities engineered an $85 billion rescue of insurance giant AIG.

Markets across the global have been pummelled over the last few days after US investment bank Lehman Brothers filed for bankruptcy protection and Merrill Lynch agreed to be taken over by Bank of America, the latest casualties in the escalating US financial crisis.

Qatar led the rally in the Gulf. The main index ended 8.61 percent higher, its biggest one-day gain in at least 2 years.

Qatar Gas Transport Co. and Industries Qatar led the gains, soaring 9.05 percent and 9.28 percent respectively.

In Dubai, Arabtec Holding surged 8 percent and Emaar Properties gained 1.96 percent, lifting the main index to a higher close.

The benchmark ended 2.29 percent higher at 4,044 points, after it had lost more than 12 percent in five sessions.

In Abu Dhabi, Emirates Telecommunications Corp. (Etisalat) and National Bank of Abu Dhabi (NBAD) gained 2.24 percent and 3.67 percent respectively. The benchmark ended up 1.62 percent at 3,831 points.

Saudi Arabia's stock index closed more than 2 percent higher, led by Al-Rajhi Bank.

Al-Rajhi gained 3 percent and Saudi Basic Industries Corp. (SABIC) rose 0.95 percent, lifting the index 2.36 percent to 7,387 points.

National Bank of Kuwait (NBK) surged more than 6 percent, helping to lift the index to a higher close.

The benchmark extended its rise into a second day, closing
1.87 percent higher at 12,602 points, with NBK closing up 6.1 percent.

Shares of National Bank of Oman (NBO) surged almost 9 pct, lifting the main index to close more than 4 percent higher.

Bank Muscat reversed early gains to end 0.44 percent lower.

Bahrain’s main index ended 1.13 percent higher on 2,519.12 points.

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