Dubai Financial Market Index rose 11.5% on Thursday.
AFP/Dubai
Gulf stock markets rebounded strongly on Thursday as world oil prices steadied after plumbing multi-year lows, calming investor jitters.
Dubai Financial Market Index - which had been the region's biggest loser - rose 11.5% and was trading on 3,381.99 points.
Market leader Emaar Properties gained 13.6%, while construction giant Arabtec added 14%.
Dubai had shed a massive 32.6% since November 27, when the Opec oil cartel decided to maintain output levels, intensifying the price slide.
Abu Dhabi Securities Exchange was up 6.75% to trade on 4,366.95%.
The Arab world's largest exchange, the Saudi Tadawul All-Shares Index, gained 5.8% to pass the 8,000-point psychological barrier on 8,081.76 points.
Market sentiment there was further boosted by the Saudi government's decision to tap into its huge fiscal reserves to maintain high spending, despite the fall in revenues resulting from the low oil price.
Muscat Securities Exchange rose 3.76% to 5,688.83 points, while Kuwait Stock Exchange added 1.3% to reach 6,195.94 points
The Bahrain bourse gained 0.6%. Qatar Exchange, the Gulf's second largest, was closed for a national holiday.
Investor sentiment improved after oil prices rallied slightly on Wednesday, taking benchmark Brent crude for February delivery above the $60 mark.
Oil prices were little changed in Asia on Thursday after data showed US stockpiles dipping.
US benchmark West Texas Intermediate for January delivery fell 27 cents to $56.20, while Brent rose two cents to $61.20 in afternoon trade.
