DUBAI: Major stock markets in the Gulf rebounded in late trade on Monday to close higher despite the collapse of oil producers' talks in Doha, while Egypt's bourse surged to a six-month closing high.

The failure of Sunday's Doha meeting to agree on an oil output freeze was a blow to sentiment in the oil market, and Brent crude tumbled more than 5 percent at one stage. But it later came well off its lows to stand only 2.6 percent down at $42 a barrel.

This was a relief to Gulf bourses, which were also encouraged by some positive first-quarter earnings in Saudi Arabia that suggested the region's economic slowdown was not hurting corporate profits as much as feared.

The Saudi stock index, which fell as much as 1.6 percent in early trade, rebounded to close 0.2 percent higher at 6,424.9 points, led by the petrochemical sector.

Petrochemical producer National Industrialisation Co. (Tasnee) surged 9.8 percent after posting a first-quarter net loss of SR94.8 million ($25.3 million), beating analysts' forecasts of a SR272.9 million loss.

NCB Capital attributed the result to higher-than-expected gross margins on the back of improved efficiency and higher operating rates.

But the second largest listed petrochemical producer, Saudi Arabia Fertilisers Co. (SAFCO), slumped 3.8 percent to SR62.75 after reporting a 51.5 percent decline in net profit to SR286 million.

Analysts had expected the unit of Saudi Basic Industries Corp. to make SR314.6 million. Riyad Capital attributed the fall mainly to lower urea prices and revised its target price for the stock to SR70.0 from SR80.0, maintaining a "hold" rating.

Another commodity producer, Saudi Arabian Mining Co. (Maaden), climbed 6.3 percent after reporting a 35.3 percent fall in first-quarter net profit to SR168.9 million versus analysts' average estimate of just SR1.13 million.

Saudi banking sector earnings have mostly been above analysts' expectations, and Arab National Bank, one of the last in the sector to report, also came in ahead of forecasts. Its shares rose 1.3 percent.

Other Gulf bourses also bounced from early lows. Dubai's index was down as much as 2.5 percent but finished 0.1 percent higher.

Builder Drake & Scull, the most heavily traded stock on the bourse, added 3.5 percent. Emirates NBD, the biggest bank, gained 2.5 percent.

In Abu Dhabi, the index edged up 0.03 percent, helped by banks. Abu Dhabi Islamic Bank gained 4.4 percent and First Gulf Bank, the most valuable listed lender, added 0.4 percent.

In Doha, where companies are expected to start reporting earnings at the end of this week, the index added 0.4 percent. Ezdan Holding Group, a real estate developer, rose 1.1 percent.

Cairo's main index added 1.9 percent to 7,662 point as foreign investors bought shares aggressively, bourse data showed.

Some shares favored by international fund managers rallied, with Global Telecom Holding and Commercial International Bank surging 4.0 percent and 4.7 percent respectively.