Dubai: The Dubai index edged higher on Wednesday along with Saudi’s Tadawul even as crude fell. The Abu Dhabi index, however, ended lower.

The Dubai Financial Market (DFM) General Index ended up 0.43 per cent at 3,736.30, after moving in a tight range of 3,690.03-3,772.52.

“The continuation of Saudi recovery has positively impacted our markets and also there is some positive announcement from Greece that it won’t default on debts,” Tariq Qaqish, head of asset management of Al Mal Capital, told Gulf News.

Dartakaful Takaful gained 7.23 per cent to end at Dh0.623, while Dubai Parks and Resorts ended 3.11 per cent higher at Dh0.697.

Emaar Properties ended 1.29 per cent lower at Dh6.9, making it the most active stock in trade, while Arabtec ended 0.33 per cent lower at Dh3.01.

Saudi’s Tadawul All Share Index ended 2.61 per cent higher at 8,912.5 after the government said they were on track for opening of its equity markets to foreigners.

“For Saudi [Arabia] there is some positive sentiment due to opening of its equity markets,” said Qaqish.

Al Alamiya for Cooperative Insurance ended more than 9 per cent. Samba Financial Group’s shares also ended 9 per cent. Petrochemicals giant Saudi Basic Industries jumped 2.7 per cent as Brent crude oil, although weaker, held near $49 (Dh179.9) per barrel following comments by a senior Opec official this week that the commodity’s price may have bottomed out.

Sideways:

“Dubai would continue to be volatile and may witness a sideways as companies results have been solid but below expectations,” said Qaqish.

Elsewhere, the Abu Dhabi Securities Exchange General Index ended 0.31 per cent lower at 4,516.12.

Abu Dhabi National Co for Building Materials ended 3.75 per cent lower at Dh0.77, while Abu Dhabi Commercial Bank ended 2.90 per cent lower at Dh7.03.

Union National Bank rose after reporting a 16 per cent rise in net profit in 2014.

The bank’s net profit rose to Dh2.02 billion in 2014. For the fourth quarter of 2014, the bank’s net profits were up 42 per cent to Dh436 million compared to Dh306 million reported in the same quarter in 2013.

Shares of National Bank of Abu Dhabi are in the spotlight after the bank reported a 28 per cent rise in fourth-quarter net profit.

National Bank of Abu Dhabi, whose trading was suspended due to results, was at Dh13.60.

Elsewhere in the Gulf, Qatar Exchange Index ended 0.50 per cent higher at 11,980.66, while Muscat Securities MSM 30 Index ended 0.12 per cent lower at 6,584.07.

The Bahrain Bourse All Share Index ended 0.47 per cent higher at 1,424.02.