Qatar rejected the demands, arguing that they violated its sovereignty, and the country let the deadline and an extension pass.

Banks, which have taken a blow from outflows of Gulf deposits due to the crisis, were also among the best performers on growing optimism over the potential talks.

QAT includes a hefty 54.2% tilt toward the financial sector, followed by 16.5% industrials and 10.4% real estate.

Nevertheless, there are some skeptics as Kuwait readies to host the two-day GCC summit.

“The crisis is too deep and very complicated… I don’t think it will be resolved during the summit,” independent Kuwaiti political analyst Saleh al-Saeedi told the Daily Mail. “But I think Kuwait hopes to at least freeze the dispute, stop its deterioration and move on to the next step.”

For more information on the developing economies, visit our emerging markets category.