Dubai’s main index rebounded 1.2 per cent as large and mid-cap stocks outperformed, with Emaar Properties climbing 1.4 per cent.

In Abu Dhabi the index closed up 0.4 per cent as some blue-chip lenders advanced; First Gulf Bank added 1.7 per cent. Telecommunications firm Etisalat dropped 0.5 per cent as it went ex-dividend.

Qatar’s main index climbed 1.3 per cent to 10,681 points, its highest close since November 2015. Petrochemical and metals producer Industries Qatar jumped 3.3 per cent after its second-quarter net profit beat analysts’ estimates; profit fell 13.6 per cent to 1.27 billion riyals ($350 million) but exceeded an average forecast of 799.9 million riyals.

Other blue chips also advanced with the largest listed lender, Qatar National Bank, adding 1.5 per cent.

In Saudi Arabia, the index edged up 0.1 per cent as petrochemical shares rebounded; Saudi Basic Industries  added 0.6 per cent. SABIC fell 1.5 per cent over the week.

Retailer Jarir Marketing, which fell as much as 1.2 per cent during the day as it went ex-dividend, recovered to close up 1.0 per cent.

Egypt’s stock market closed at a 13-month high on Thursday amid optimism over Cairo’s talks with the International Monetary Fund, while bourses in the Gulf firmed as oil prices came off multi-month lows and global equities firmed.

The main Egyptian index jumped 1.9 per cent in its highest trading volume for seven weeks as institutional funds bought shares, bourse data showed.

The index rose 2.8 per cent over the week on hopes that an IMF team visiting Cairo would agree on a three-year, $12 billion loan that would stimulate economic growth and ease a hard currency shortage.

Oriental Weavers jumped 10.0 per cent on Thursday after it announced a five-year plan to boost production capacity across all product lines, predicting sales would grow by 20 per cent in the second half of the current year compared to the first half. On Wednesday it reported a 43.5 per cent increase in second-quarter net profit.

But Global Telecom fell 0.5 per cent to 4.15 Egyptian pounds after it reported a 3.3 per cent year-on-year drop in quarterly net profit to $26.5 million, while revenues also shrank.

Naeem brokerage attributed the profit fall to weakness in the Algerian unit, $21 million of transformation costs and $14 million of non-tax provisions. It recommended a “hold” on the stock with a target price of 4.00 pounds.

Juhayna Food Industries sank 3.3 per cent to 5.50 pounds after Renaissance Capital cut the stock to a “hold” from a “buy”, lowering its target price to 6 pounds from 9 pounds.

THURSDAY’S HIGHLIGHTS

SAUDI ARABIA:  The index rose 0.1 per cent to 6,246 points.

DUBAI:  The index gained 1.2 per cent to 3,472 points.

ABU DHABI: The index rose 0.4 per cent to 4,527 points.

EGYPT: The index climbed 1.9 per cent to 8,255 points.

QATAR: The index advanced 1.3 per cent to 10,681 points.

KUWAIT: The index edged down 0.2 per cent to 5,459 points.

OMAN: The index added 0.4 per cent to 5,870 points.

BAHRAIN: The index edged up 0.1 per cent to 1,157 points.