Gulf stocks rebound on oil price, global shares rally

Stock markets in the energy-rich Gulf states rebounded on Sunday, the first trading day of the Islamic week, after a rally in oil and global share prices.

The bourses of Saudi Arabia, Dubai, Abu Dhabi and Qatar each gained more than 5.0 percent at the start of trading before cooling off.

Dubai Financial Market Index shot up 6.6 percent at opening before closing the day up 5.15 percent, above the 2,700-point mark.

Market leaders Emaar properties and construction firm Arabtec gained 8.0 percent and 10 percent, respectively.

Abu Dhabi Securities Exchange finished the day up 2.7 percent supported by the real estate sector, which gained 7.3 percent.

Qatar Exchange, the second largest Arab bourse, gained 5.0 percent at opening to climb above the key 9,000-point barrier, but ended the day below that benchmark.

Kuwait Stock Exchange added 0.6 percent but remained below 5,000 points.

In Oman, the small Muscat Securities Exchange rose 1.54 percent, and the Bahrain bourse was down 0.64 percent.

The Saudi stock market, the largest Arab bourse, opened the day up 6.6 percent but was trading at 4.1 percent higher by mid-session, just below the 5,700-point mark.

All seven Gulf bourses however remain well below last year's closing levels.

Oil prices surged for a second straight day Friday amid an equities rally on hopes of extra stimuli for Japan and the eurozone.

US benchmark West Texas Intermediate (WTI) for March leapt $2.66 to $32.19 a barrel on the New York Mercantile Exchange.

Brent North Sea crude for delivery in March, the European benchmark for crude oil, finished at $32.18 a barrel in London, a 10-percent jump over Thursday's settlement.

The gains on Thursday and Friday amounted to 13.5 percent for WTI and 15.4 percent for Brent.