Oil's rally supported stock markets across the Gulf, while Dubai property stocks surged after the emirate's biggest listed real estate developer announced a bullish 2015 profit forecast.

Brent crude hit 2015 highs above $63 per barrel after a rally of more than five per cent in the previous session, and analysts said more price rises were likely despite market oversupply. The price pulled back slightly later in the day but stayed above $62.

The main Saudi stock index climbed one per cent to 9,251 points as petrochemicals giant Saudi Basic Industries , which is poised to benefit from oil's rebound, jumped 2.1 per cent.

The index gained 2.2 per cent on Wednesday to 9,164 points, triggering a minor double bottom formed by the March and April lows and pointing up to around 9,700 points in coming days or weeks.

Saudi Hollandi Bank rose 3.6 per cent after posting a 29.3 per cent jump in first-quarter net profit late on Wednesday. It made SR538.9 million ($143.7 million) compared with analysts' average forecast of SR472.9 million.

Saudi Kayan Petrochemical Co fell 1.6 per cent after it swung to a first-quarter loss, blaming plant shutdowns and lower product prices.

But the news did not appear to affect other stocks in the sector, indicating that the market had generally factored in expectations of poor performance.

Advanced Petrochemical Co, for instance, surged 6.2 per cent on Thursday after posting a 34.8 per cent decrease in quarterly profit from a year earlier. Sahara Petrochemical Co inched up 0.1 per cent despite losing SR59.5 million in the first quarter; it made SR99.9 million a year earlier.

Savola Group surged 5.3 per cent ahead of quarterly results expected next week, even though the company halved its profit guidance for the period last month.

After the market closed, the kingdom's Capital Market Authority said Saudi Arabia would open its $532 billion stock market to direct foreign investment on June 15, a long-expected announcement that may further boost the bourse.

Although the opening is likely to be gradual, fund managers believe tens of billions of dollars will eventually enter the country as a result; Saudi Arabia is the Arab world's biggest stock market and one of its most diverse.

UAE, QATAR

Dubai's index jumped 3.5 per cent - its biggest gain in 10 weeks - to 4,080 points, its highest mark since early December. Trading volume was the highest since last July.

The benchmark closed above technical resistance at the late December peak of 4,008 points, from which it had pulled back three times in recent months.

The index's main support, Emaar Properties, surged 9.4 per cent after the firm forecast a 2015 net profit of Dh3.695 billion ($1.01 billion), above the Dh3.366 billion average forecast from eight analysts surveyed by Thomson Reuters. Emaar made Dh3.29 billion in 2014.

Another property firm, Damac, soared 11.5 per cent after it said on Thursday its board would discuss the company's dividend distribution policy, along with first-quarter results, at a meeting on April 21. Damac paid no cash dividend for 2014 but issued bonus shares.

Abu Dhabi developer Aldar Properties, up 3.4 per cent, was one of the main supports for that emirate's index , which edged up 0.7 per cent. The firm said on Thursday it would open a 100,000 sq ft healthcare facility at its Al Reem Island development.

Qatar rose 0.7 per cent largely thanks to petrochemicals-to-metals conglomerate Industries Qatar which jumped 2.5 per cent, also supported by stronger oil.

Egypt's bourse inched down 0.1 per cent and investment bank EFG Hermes was the weakest stock, falling 1.5 per cent.

Brokerage Prime Holding on Thursday published a note on the new taxes on capital gains and dividends detailed in bylaws approved by the government on April 7. It said the issue "was ambiguous and puzzling to many, including industry professionals".

Prime said that while lower income and corporate taxes would offset the impact of new levies on Egyptian investors, "the decision is to negatively affect the inflows of foreign investors in the Egyptian stock market as other competitive regional markets do not apply this type of taxes." - Reuters