Gulf markets rebound after four-day slump

MARKETS REBOUND: Dubai, Kuwait, Qatar, Bahrain and Oman were all up in early trading. (Getty Images)

Markets across the Gulf rebounded sharply on Thursday after four days of heavy losses following coordinated global interest rate cuts the previous day.

The bounce was led by Oman, with the benchmark making its biggest one-day gain in nine years to end the session up more than 8 percent, while markets in Dubai and Kuwait both finished over 3 percent higher.

The Muscat benchmark ended 8.32 percent higher at 7,178 points, led by banking stocks.

Bank Muscat and National Bank of Oman both ended nearly 10 percent higher. Oman Cables Co. also closed 10 percent up.

Sentiment in Oman was also lifted by local pension funds buying as they believed the market had bottomed out, a trader said.

In Dubai, the main index closed 3.67 percent higher at 3,198 points. Emaar Properties ended 3.6 percent higher, while Arabtec closed up 13 percent.

Dubai Islamic Bank closed up 4.6 percent, while Dubai Investments ended 5.6 percent higher. Telecom operator Du ended 9.29 percent up.

Abu Dhabi's main index closed 0.96 percent higher at 3,207 points, with top gainers including real estate stocks and banks.

Aldar Properties and Sorouh Real Estate ended 3.64 percent and 3.24 percent higher, while Abu Dhabi Commercial Bank closed 6.92 percent up. Emirates Telecommunications Corp. (Etisalat) closed 1.48 percent higher.

Kuwait's main index closed 3.78 percent higher at 11,905 points after the central bank made yet another move to boost liquidity.

Shares in Mobile Telecommunications Co. (Zain) ended 9.43 percent higher, while National Bank of Kuwait and Kuwait Finance House closed 5.8 percent and 5.1 percent higher respectively.

Commercial Bank of Kuwait and Gulf Bank rose 8.2 percent and 9.4 percent respectively.

The Central Bank of Kuwait on Thursday offered short-term funds to improve confidence in the banking system, bankers said, a day after it cut the key discount rate by 125 basis points to 4.50 percent.

Qatar's main index ended up 1.87 percent at 7,573 points, led higher by bank stocks.

Qatar National Bank ended 3.65 percent higher, while Qatar Gas and Transport Co. (Nakilat) closed up 2.45 percent. Industries Qatar ended 1.8 percent higher.

Bahrain's main index ended 0.45 percent higher at 2,330 points.

Saudi Arabia's stock market was closed for the day.

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