Major Gulf stocks gain on oil rebound, strong earnings

Major Gulf stocks gained on Thursday after crude prices recovered from historic lows and a few high-profile companies in the region posted better-than-expected first-quarter earnings.

Saudi Arabia’s benchmark index .TASI traded 1.5 percent higher, with Al Rajhi Bank 1120.SE rising 1.2 percent and petrochemical firm Saudi Basic Industries 2010.SE was up 2.3 percent.

However, the index’s gains were capped by losses at Emirates Integrated Telecommunication DU.DU, which was down 2.9 percent on trading ex-dividend.

The Abu Dhabi index .ADI was also up 1.6 percent, led by a 2.2 percent rise in the United Arab Emirates largest lender First Abu Dhabi Bank FAB.AD.

The Qatari index .QSI rose 0.7 percent, with Qatar National Bank QNBK.QA adding 1.4 percent, whereas Qatar Gas Transport Company QGTS.QA, QGTS.QA leapt 4.6 percent.