File - Investors watch a monitor at Dubai Financial Market April 27, 2014. REUTERS/Mounir Saidi
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Gulf stock markets rebounded Thursday after a dovish statement from the U.S. Federal Reserve lifted oil prices and sparked a rally in global equities, but food maker Savola Group weighed on Saudi Arabia after a profit warning.Property-related stocks also did well: Emaar Economic City surged its daily 10 percent limit, Saudi Real Estate rose 5.1 percent and Dar Al Arkan jumped 2.4 percent.Savola Group tumbled its daily 10 percent limit to 69.75 riyals after slashing its first-quarter net profit forecast to 178 million riyals ($47.5 million) before capital gains from 360 million riyals.Dubai's index rose 1.9 percent after dropping 3.6 percent in a panic sell-off Wednesday. Developer Emaar Properties surged 4.6 percent, dominating trading volumes.Telecommunications operator Ooredoo jumped 2.8 percent even after it warned investors its revenue would fall by as much as 3 percent this year.
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