Dubai: The Abu Dhabi index led gains in the GCC on Sunday in a rally triggered by rebounding crude even as investors eyed December quarter results.

The Abu Dhabi Securities Exchange General Index ended 1.65 per cent higher at 4,555.27, after rising as much as 4,580.72.

“The rally was mainly triggered by strong performance in crude and a rebound in international markets,” said Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings.

Oil advanced, capping the first weekly gain since November, after the International Energy Agency lowered forecasts for supplies from outside the Organisation of Petroleum Exporting Countries (Opec) and an industry report showed US companies reduced drilling activity.

Brent for March settlement rose 3.9 per cent to end the session at $50.17 a barrel.

In stocks specific movements on the ADX, International Fish Farming Holding ended the trade 14.94 per cent higher at Dh5.54, while National Corp for Tourism and Hotels closed 14.55 per cent higher at Dh6.30. Out of a total of 31 companies traded on the exchange, shares of 19 companies rose, while shares of 7 companies fell.

Elsewhere, the Dubai Financial Market General Index also ended 1.48 per cent at 3,899.53. Arabtec, which was the most active stock in trade in terms of value, ended 2.56 higher at Dh3.20. Union Properties ended 4.72 per cent higher at Dh1.33.

Elsewhere in the region, other indices like the Tadawul index along with Qatar Exchange also advanced.

The Tadawul All Share TASI index ended up nearly 1 per cent, while Muscat Securities MSM 30 Index also advanced 1.11 per cent at 6,591.13. Qatar Exchange Index ended 0.45 per cent higher at 11,916.42.

Earnings in focus

“I see focus coming back to earnings as we saw Emirates NBD was one of the few to announce its results. The market would also focus on potential distribution of dividends that we have been seeing for the past couple of years,” said Shurrab.

Emirates NBD rose more than 2 per cent in trade after posting strong results.

Emirates NBD reported a net profit of Dh5.1 billion for the full year, up 58 per cent compared to 2013. Total Income for the year 2014 grew by 22 per cent to Dh14.4 billion.

“The growth that we saw year on year show strength in the banking system and recovery that we have seen over the past couple of years in the UAE’s economy.” said Shurrab.

Saudi Basic Industries Corp, one of the world’s largest petrochemicals groups and the country’s biggest listed company, reported a 29 per cent drop in fourth-quarter net income on Sunday. SABIC ended the trade more than 1.5 per cent higher.