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Gulf stock markets posted broad gains in early trade on Thursday after oil prices rebounded on Wednesday.
Wednesday’s 4.5 per cent surge in Brent crude futures, the biggest percentage gain since June 2012, came as traders covered themselves on expiring options. It is by no means clear that oil has found a bottom, and the price slipped again in Asian trade on Thursday.
However, Gulf equities reacted positively to the signs of strength in oil. Dubai’s stock index added 1.7 per cent as almost all traded stocks rose.
Shares in builder Arabtec Holding jumped 2.6 per cent ahead of a board meeting scheduled later on Thursday that will discuss the company’s projects.
Abu Dhabi’s benchmark edged up 0.6 per cent and Qatar added 0.8 per cent as its two biggest stocks, Industries Qatar and Qatar National Bank, rose 1.0 and 1.2 per cent, respectively, having tumbled earlier this week on the former’s disappointing dividend and an earnings miss by the latter.
Kuwait’s bourse edged up 0.2 per cent and Oman’s index added 1.3 per cent. Bank Dhofar led the gains in Oman, surging 6.4 per cent after it beat analysts’ expectations with a 9.2 per cent rise in fourth-quarter net profit.
The Omani lender made 10.2 million rials ($26.5 million) in the quarter. EFG Hermes had estimated a quarterly profit of 9.66 million rials, while Gulf Baader Capital Markets had forecast 9.43 million rials.
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