JEDDAH/DUBAI: Most Gulf Arab bourses rose across the region yesterday as oil prices continue to steady above $60 a barrel, with Dubai advancing the most, led by Emaar Properties which saw its biggest one-day gain in three months.

“Emaar has been consolidating around the 2.6 dirham ($0.71) level for some time ... technical buying might be playing out in the market,” said Shahid Hameed, head of asset management, GCC, at Global Investment House in Kuwait. The stock rose 12.6 percent and Dubai climbed by just over 4 percent.

Kuwait ended at its highest close since late December.

Strong buying by foreign and local institutional investors in banking shares drove Oman higher.

In Abu Dhabi, Dana Gas climbed nearly 5 percent after it said on Saturday it made its fourth gas discovery in Egypt in 2009.

Qatar reversed lower after early strength, following four trading days of gains.

Al-Khaliji Commercial Bank was the biggest loser declining by more than 4 percent on profit-taking. Al-Khaliji has risen by more than 50 percent during the last month.

Saudi Arabia also closed lower but Dar Al-Arkan surged 9.94 percent, after the Kingdom’s largest property developer by market value, said it planned to offer shareholders one bonus share for each existing two to raise its capital and fund expansion.

The Tadawul All-Share Index (TASI) declined 0.8 percent to 6,052 points. Saudi Basic Industries Corp. (SABIC) fell 2.53 percent and Al-Rajhi Bank 1.05 percent.

“A negative close with less than 1 percent should be considered normal market volatility if not for the increased level of liquidity of about 20 percent as compared with Saturday’s level. Generally speaking, most of the stocks are at levels of resistance, and after a period of strong gains, the market would need a strong catalyst to achieve higher levels without entering into a period of profit taking,” the Jeddah-based Financial Transaction House (FTH) said in its daily market commentary.

Dubai’s benchmark jumped 4.06 percent to 1,734 points, its biggest one-day gain in two months.

The main Abu Dhabi index edged 0.51 percent higher to 2,625 points.

The Kuwait bourse closed 1.11 percent higher at 7,859 points.

Muscat’s measure rose 0.67 percent to 5,544 points.

The Qatari index eased 0.33 percent to 6,786 points.

The Bahraini index edged 0.33 percent higher to 1,631 points.

— With input from agencies