Dubai: The Dubai index edged higher on Sunday, helped by a rally in crude oil and a 6 per cent jump in Damac Properties, the most active share in terms of value.

The Dubai Financial Market General Index ended at 3,893.36, up 0.18 per cent, after oscillating in the range of 3,873.71-3,929.96.

“We have seen more of consolidation amid recent gains due to stability in oil prices. Global environment appears to have stabilised. We are generally beginning to stabilise from the volatility that we saw in last year,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.

Oil rallied again on Friday, with benchmark Brent crude on track for its largest two-week gain in 17 years, as falling oil rig counts and violence in producer Libya helped to further stall a sell-off that began in June.

Crude prices have rallied nearly 20 per cent over the past six sessions, but remain about 50 per cent below their peak from the middle of last year, due to worries of a global oil glut.

Damac Properties, which ended 5.82 per cent higher at Dh3.02, was the most active in trade in terms of value, followed by Arabtec, which ended 2.26 per cent higher at Dh3.17.

Out of a total of 37 stocks traded on the exchange, shares of 18 companies rose, while the scrips of other 14 companies fell, the remaining five were steady.

“We are in dividend season so we expect investors to take advantage of that,” Khokhar said.

Cash dividend

The Abu Dhabi Securities Exchange General Index ended at 4,621.55, up 0.28 per cent. Eshraq Properties Co, which ended at Dh0.84, was the most active stock in trade. Shares in food and beverage firm Agthia Group surged 2.5 per cent to close at Dh6.150 after it reported a 22 per cent jump in 2014 profit. RAK Properties surged 2.56 per cent to end at Dh0.80, after a robust cash dividend by the company, totalling Dh100 million. Out of a total of 27 shares traded on the exchange, shares of 14 companies rose, while scrips of 7 companies fell, and remaining 6 were steady.

Saudi leads

Saudi Arabia’s Tadawul All share TASI index ended 1.8 per cent higher at 9,345.32 led with petrochemicals.

“Saudi Arabia is continuing to perform very well on the back of positive news coming out of petrochemical sector. We have seen SABIC and Kayan doing well,” said Khokhar.

Saudi Basic Industries Corp ended the trade 96.75 Saudi riyals (Dh94.65), 2.98 per cent higher, while Saudi Kayan Petrochemical ended 9.95 per cent higher at 13.7 Saudi Riyals. Elsewhere in the Gulf, Qatar Exchange Index ended 0.82 per cent higher at 12,623.93, while Muscat Securities MSM 30 index ended 0.56 per cent higher at 6,725.47.