The Abu Dhabi stock market recovered some losses early on Thursday as blue chips rebounded. Other major Gulf markets inched up in quiet trade, getting only a minor boost from Wall Street's sharp rally because oil prices remain low.

Abu Dhabi's index added 0.5 percent, after falling 1.6 percent in the last session. First Abu Dhabi Bank, the largest lender in the United Arab Emirates, gained 1.1 percent and Aldar Properties increased 1.9 percent.

Saudi Arabia's index inched up 0.3 percent in the first hour, with Saudi Basic Industries rising 0.7 percent and Alinma Bank adding 0.8 percent.

Anaam International Holding rose 3.2 percent after appointing Nawaf Bin Abdullah Bin Turki Al Saud as its chairman, while Maather REIT Fund rose 1.0 percent after it acquired real estate assets and utility contracts for about 552 million riyals ($147 million).

The Dubai index slid 0.3 percent to trade down for a sixth straight day as real estate firms continued to drag on the market. DAMAC Properties dropped 2.1 percent and Emaar Properties lost 0.2 percent.

 

(Reporting by Shakeel Ahmad and Abinaya Vijayaraghavan in Bengaluru; Editing by Andrew Torchia)

© Reuters News 2018