Major stock markets in the Gulf rose in early trading on Thursday, mirroring gains in Asian shares, as stronger-than-anticipated U.S. economic data lured investors back into the markets.
Data on Wednesday showed that the U.S. services sector activity increased to an eight-month high in October as new orders grew, while private payrolls rose 42,000 last month, exceeding expectations.
Saudi Arabia's benchmark index TADAWUL:TASI gained 0.5%, on course to snap a five-day losing streak, with Al Rajhi Bank TADAWUL:1120 rising 0.7% and Saudi National Bank TADAWUL:1180, the country's biggest lender by assets, advancing 0.8%.
Elsehwere, Al-Babtain Power and Telecommunication Co TADAWUL:2320 advanced 5.2%, after reporting a 190% rise in third-quarter profit.
However, Riyadh Cement TADAWUL:3092 plunged more than 7%, set for its biggest intraday fall since April, following a steep fall in quarterly net profit.
Dubai's main share index DFM:DFMGI rose 0.6%, led by a 2.7% gain in toll operator Salik DFM:SALIK and a 1.1% increase in blue-chip developer Emaar Properties DFM:EMAAR.
In the previous session, most Gulf markets declined, following global shares downward, as an overnight tech-driven sell-off on Wall Street highlighted concerns over elevated valuations.
In Abu Dhabi, the index ADX:FADGI edged 0.1% higher.
On the other hand, conglomerate International Holding slipped 0.2%, despite reporting a higher quarterly profit.
Oil prices, a catalyst for the Gulf's financial markets, rose as oversupply concerns eased, after closing at two-week lows in the prior session on weaker demand.
The Qatari index QSE:GNRI climbed 0.4%, buoyed by a 2.2% jump in telecoms firm Ooredoo QSE:ORDS.