DUBAI: Most Gulf markets rose alongside oil on Thursday. Egyptian investors dumped most stocks in order to buy newly listed food maker Edita.

Dubai's stock index jumped 2.4 percent to 3,615 points on heavy volume after rising above technical resistance at its late March high of 3,538 points. The break triggered a minor bullish right triangle pointing up to the 3,800-point area.

Emaar Properties, Dubai's largest listed property developer, surged 6.3 percent and the second-biggest stock in the sector, DAMAC, added 7.7 percent.

Builder Arabtec gained 5.2 percent after Egypt's Middle East News Agency reported that the Cairo government had approved Arabtec's proposals on a deal to build one million housing units in Egypt.

Abu Dhabi's market climbed 1.0 percent to 4,539 points as most blue chips rallied, with the exception of telecommunications firm Etisalat, whose shares stopped carrying the 2014 dividend and fell 2.2 percent.

Qatar rose 1.5 percent to 11,699 points in another broad rally. Industries Qatar, the Gulf's second-biggest petrochemicals producer, jumped 2.2 percent.

Egypt's bourse was the weakest among major Middle East markets, dropping 2.3 percent as investors rushed to buy shares in food maker Edita, which started trading on Thursday and is not part of the benchmark.

Edita, whose public offer was heavily oversubscribed, surged 16.2 percent from its offer price to 21.50 Egyptian pounds and dominated trading volumes.

The company said on Wednesday it targeted sales of more than 2.5 billion Egyptian pounds ($328 million) in 2015, a 32 percent increase from 2014.