Dubai: Dubai index led the regional gains on Sunday. managing to stay above the keenly watched 3,500 level supported by buying in property stocks and banks.

The Dubai Financial Market General Index closed 1.12 per cent higher at 3,511.24. Qatar index gained 1.01 per cent to end at 10,789.43, making it the second biggest gainer in the region.

“The local markets are moving with a relatively high correlation to oil and the developing global markets. This in turn may continue to spur further speculation in the shorter run,” Talal Touqan, Head of Research and Advisory at Al Ramz Capital said in an email.

Last week, oil rebounded to gain more than 6 per cent, after falling in the bear market zone earlier in the week, attracting risk prone investors back in UAE stocks.

“Overall UAE market was positive. Dubai index sustained the critical 3,500 level for all the day, and neared its previous high of 3,562,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities, adding “property and banking stocks rallied. Overall there was buying in almost all stocks like Arabtec, Dubai Parks and Resorts, Dubai Investments, Dubai Islamic Bank.”

Arabtec, which was the most-active stock in trade, closed 3.36 per cent higher at Dh1.54, while Dubai Parks and Resorts closed 1.73 per cent higher at Dh1.76.

Dubai Islamic Bank closed more than 1 per cent higher at Dh5.39. Amlak Finance closed nearly 3 per cent higher at Dh1.43. Agthia closed 6.15 per cent higher at Dh6.83. Out of a total of 37 stocks traded on the exchange, shares of 31 stocks traded higher, and other four fell. The rest remained steady.

Insurance stocks:

Methaq was up 8 per cent in Abu Dhabi, volumes increased to 20 million shares on Sunday, compared to 12 million shares in the previous two weeks.

“The stock may head higher towards Dh1/1.04 in the short term,” said Shiv.

Taking a lead from a surge in Methaq shares, traders were also active on Dar Al Takaful counter. Dar Al Takaful ended 3.81 per cent higher at Dh1.09. In Abu Dhabi, the general index closed 0.43 per cent higher at 4,546.16. Etisalat ended 0.10 per cent higher at Dh19.90. Eshraq Properties closed more than 1 per cent higher at Dh0.74. Dana Gas closed 1,79 per cent higher at Dh0.57. Aldar Properties closed 1.43 per cent higher at Dh2.83. Out of a total of 24 stocks traded on the exchange, shares of 16 firms rose, while other 8 fell.

Box:

Qatar index jumps 1%

Qatar index also jumped 1 per cent in trade, extending gains for another day.

Qatar exchange index closed 1.01 per cent to be at 10,789.43. Saudi Arabia’s Tadawul index closed 0.69 per cent higher at 6,289.51. Muscat Securities MSM 30 index closed 0.08 per cent higher at 5,874.53. Kuwait index closed 0.59 per cent higher at 5,491.54. Bahrain bourse all share index closed 0.05 per cent higher at 1,157.08.