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Kuwait City - Stock markets in most Gulf Arab states rebounded on Monday after days of heavy losses triggered by the plunge in the price of oil, mainstay of the region's finances.
However, the markets remained volatile, fluctuating sharply during the first session of trading following weeks of plunging oil prices that impacted Gulf markets which lost almost all gains posted in 2014.
Dubai Financial Market, the Gulf's most volatile bourse which plunged more than 25% in the past two weeks, opened Monday in the green, rising above 5.0% before settling at 3 439.72 points, up 3.6% and above the 2013 close.
It was supported by all sectors.
The Saudi Tadawul All-Shares Index, the largest Arab market, raced to a positive start gaining 1.7%. Later it was trading at 0.6% higher on 8 168.61 points, still below last year's close.
Abu Dhabi Securities Exchange also opened 3.2% up but settled at 4 280.53, a rise of 1.7%. But the index still remained below last year's finish.
Qatar Exchange, the Gulf's second largest, was up 0.73% on 11 195.68.
The stock markets in Kuwait, Oman and Bahrain posted slight decreases.
The rebound came after oil prices made some gains in Asia on Monday and as investors looked to the year end to cash in on stock dividends.
Asian oil prices bounced back on hopes of upbeat global manufacturing data to be released later this week, but remained near five-year lows after plunging more than 50% since June.
US benchmark West Texas Intermediate rose 49 cents to $58.30, while Brent gained 68c to $62.53 in afternoon trade, reversing losses in both contracts in early trading.
