Oil price rebound aids major Gulf indexes

Major Middle East stock markets closed higher on Thursday, helped by a bounce-back in oil prices although fears of a deep global recession due to the coronavirus outbreak limited gains.
Brent crude rose more than 11% in early trade, after US President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end a battle for market share that has flooded the market with oil.
Saudi Arabia's benchmark index climbed 2.7%, boosted by a 7.8% leap in Saudi Basic Industries, the Gulf's largest petrochemical maker. Saudi Aramco gained 3.4%, nearing its IPO price, and Saudi British Bank rose 9.8%.
The kingdom's crude supply rose on Wednesday to a record of more than 12 million barrels per day, two industry sources said, despite a plunge in demand and US pressure to stop flooding the market.
In Qatar, the index advanced 3.2%, after five sessions of losses. Qatar Islamic Bank added 5.3%, while Mesaieed Petrochemical Holding surged 10%, its biggest intraday gain since May 2019.
The Gulf state has extended the suspension of inbound flights except transit and cargo over coronavirus fears, state media reported.
Qatar also extended a lockdown of an industrial area in Doha where authorities reported dozens of cases of the disease. Dubai's main share index edged up 0.1%, helped by a 3.3% rise in Emaar Properties.
The Abu Dhabi index ended 0.4% up. First Abu Dhabi Bank added 2.5%, while Abu Dhabi National Oil Company for Distribution was up 2.9%.
Outside the Gulf, Egypt's blue-chip index was up 0.3%, with El Sewedy Electric rising 8.1%. Egypt has ramped up efforts to fight the coronavirus, ordering manufacturers to channel medical protective equipment to public hospitals and announcing 1 billion Egyptian pounds ($64 million) in extra funds for its health services.