DUBAI: Most stock markets in the Middle East edged up as oil prices paused in their decline ahead of next week’s OPEC summit and stocks that usually see little trading took center stage on several bourses.

Dubai’s index rose 0.3 percent, largely on the back of telecommunications operator du, which jumped 3.6 percent to AED5.49 in its highest trading volume for more than six months.

Equity research house AlphaMena highlighted the stock in a note on Wednesday, rating it as a “buy” with a target price of AED7.44, a potential upside of over 40 percent.

Abu Dhabi’s benchmark climbed 0.4 percent and National Bank of Ras Al-Khaimah (RAKBANK) was the most traded stock, jumping 4.0 percent to AED9.45. Trading volume in the stock was the highest in five months.

RAKBANK broke through technical resistance at 9.30 dirhams, its October high; it faces strong resistance at 10.00 dirhams, this year’s high, which was hit in August.

Saudi Arabia’s main index rose 0.3 percent as Malath Cooperative Insurance and Reinsurance Co. dominated trading and rose 1.6 percent.

The firm said this month it had signed an insurance agreement with Abdulatif Al-Issa Holding Group which would earn it about SR275 million a year in premiums, a sum larger than its current quarterly revenue. The stock has since climbed 56 percent as trading activity surged to an all-time highs.

Egypt’s index edged up 0.4 percent, recovering further from last week’s slump. El-Sewedy Electric, the largest listed cable maker in the Arab world, was the main support, jumping 4.2 percent.

Stocks appeared to ignore the Egyptian pound’s recent weakness on the black market, which prompted the central bank on Wednesday to promise to take “technical measures” to control the exchange rate. The pound edged up in the black market on Thursday.

“It has no implications on the equity market,” said Allen Sandeep, director of research at Naeem brokerage in Cairo, adding that foreign investors, whose returns could be affected by the exchange rate, still accounted for only a small part of overall trading activity.

Qatar’s bourse .QSI edged down 0.4 percent after four days of gains. Heavyweight Industries Qatar pulled back 1.3 percent and topped trading volumes.

Kuwait’s index fell 0.6 percent as Kuwait Finance House KFIN.KW dropped 2.7 percent to a nine-month low of 720 fils. The stock came under fresh pressure after Moody’s last Thursday affirmed the Islamic lender’s ratings with a negative outlook, ctiting weak asset quality among other issues.

Shares in Commercial Bank of Kuwait rose 1.5 percent after Kuwait’s central bank approved the appointment of Elham Yousri Mahfouz as its chief executive officer.