Saudi Arabia’s index Tadawul All-Share index rose 0.6 percent to a 14-week high as investors look favorably on petrochemical stocks due to rising oil prices.

Bellwether Saudi Basic Industries Corp. rose 0.2 percent and Yanbu Petrochemical Company was up 1.5 percent. The petrochem index advanced 1 percent.  “Now the general market has won the confidence of investors, you’re starting to see more bottom-up buying,” said a Riyadh-based trader, referring to stock-specific trade. “You will see a lot more of that.  Brent crude for June rose 31 cents to $124.28 a barrel by 1256 GMT.

In the UAE, markets rose after robust results from a trio of major banks and logistics firm Aramex, buoying sentiment. Emirates NBD surged 10.9 percent a day after reporting a forecast-beating net profit of 1.4 billion dirhams ($381 million)

Abu Dhabi Commercial Bank jumped 5.6 percent after its first-quarter net profit more than doubled.

“The results ... should help the market, because it enforces the view that the recovery in the economic scene is probably taking faster steps than it did in Q4,” said Mohammed Yasin, CAPM Investment’s chief investment officer.

Dubai’s index ended up 1.9 percent up, rebounding after three days of losses and Abu Dhabi’s index closed 0.6 percent higher.

Aramex gained 2.7 percent after it reported a five percent rise in profits on Tuesday after market close.

Egypt’s main share index closed down 0.32 percent as worries over ongoing legal challenges to state land sales dulled investor appetite, traders said.

With trading volume testing recent lows, buying appetite has thinned as investors fret they will not be able to sell their positions, said Omar Darwish of brokerage CIBC.  “Fewer people want to go in and more people want to get out, even if prices are good and valuations are attractive,” he said. Real estate firms are reeling after a spate of legal challenges to their land holdings.

Property developer Palm Hills said it planned to appeal against a court verdict scrapping a sale of state land to the company.

Palm Hills’s peer Talaat Moustafa fell 1.1 percent, taking its drop this year to 58 percent. Egyptian Resorts fell 4.2 percent. A judicial panel is expected to submit its report on whether a state land sale to the company was illegal.

Meanwhile, Qatar’s benchmark rose 0.6 percent to 8,491 points while Kuwait’s index fell 0.07 percent to 6,489 points.

Oman stocks slipped 0.08 percent to 6,323 points. But Bahrain’s index added 0.5 percent to 1,407 points.