Abu Dhabi's bourse hit a six-week closing high as most Gulf Arab markets made minor gains on Thursday, ignoring a sharp drop in oil prices the previous day and a hesitant performance by global exchanges. Abu Dhabi's index rose 1.5 percent to 2,801 points, its highest one-day gain since June 17, with National Bank of Abu Dhabi surging 8.6 percent after it reported better-than-expected quarterly earnings and announced plans for a 10 percent share buyback. It has gained 41.8 percent since July 13. Dubai's index rose 0.4 percent to 1,818 points. Bahrain's index rose 0.3 percent to 1,502 points. Qatar's benchmark climbed 1.1 percent to 6,708 points. Kuwait index climbed 0.6 percent to 7,680 points. However, Oman's measure fell 0.4 percent to 5,846 points. The Saudi bourse is closed on Thursdays. “The results encourage long-term investors to buy, while speculators are attracted by the buy-back plan,” said Ayman El-Saheb, Darahem Financial Brokerage director of operations. Abu Dhabi's property stocks also prospered. Aldar Properties climbed 2.6 percent, shrugging off Tuesday's fall after the developer reported an 80 percent drop in quarterly profit, while Sorouh Real Estate climbed 2.5 percent, with the two developers closely correlated. “The real estate industry is getting hit left, right and centre, but Abu Dhabi is saying its projects will be unaffected, unlike Dubai where lots of developments have been scrapped,” said Saheb. Emaar Properties climbed 1.1 percent. After trading hours, the firm reported a second-quarter net loss of AED1.29 billion ($351.2 million). Oman's index declined for a third day, dragged lower by Oman International Bank. The lender dropped 3.6 percent after its second quarter profit came in below expectations. “The market has been steady on very low volumes, with investors waiting for the results from the big names,” said Sunil Dhall, an independent market analyst. “The index is facing tough resistance at 6,000 and could fall back to the 5,700
