JEDDAH: Bourses in the Middle East advanced on Wednesday as investors nerves were quelled, for now, by Brent prices trading over $30.

Many traders and fund managers believe that if Brent trades above $30 — a level investors have been eyeing as a floor — then the region’s stock markets may get a temporary boost. Brent traded at $31.61 at 1249 GMT.

Saudi Arabia’s benchmark Tadawul All-Share Index traded up 1.1 percent to 5,699 points, but is about 200 points away from the next resistance level.

Technical charts suggested that the index has entered a consolidation phase, Riyad Capital said in a note.

“The market was trading at a steady range and managed to hold firm over the critical support level at 5,350,” said Shiv Prakash, senior analyst at Abu Dhabi’s NBAD Securities. But investors will remain cautious in the near term, he added.

Saudi Basic Industries (SABIC), the largest stock by market value, added 1.5 percent. Other petrochemical stocks also rose. The sub-sector index climbed 1.2 percent.

Small and mid-cap insurance stocks, which are favored by speculative traders, also advanced.

Bupa Arabia, a mid-cap medical insurer, jumped 3.7 percent.

“Movements in those illiquid stocks reflects short-term sentiment,” said a Jeddah-based trader.

“If they are up this means traders are calmer, for now.”

Dubai’s bourse jumped 2.0 percent, with about half of the traded shares advancing more than 2.0 percent.

Deyaar Development advanced 4.7 percent after the developer reported a 14 percent rise in fourth-quarter net profit on Tuesday. Profit came in at AED101.5 million ($27.63 million) compared to an analyst’s forecast of a net loss of AED28.9 million.

Rival developer Emaar Properties traded up 2.0 percent.

Dubai Islamic Bank (DIB), jumped 5.3 percent after it posted a 62.8 percent increase in fourth-quarter net profit on Wednesday. The UAE largest Islamic lender’s bottom line came in at AED1.15 billion ($313.1 million) compared to an HSBC analyst forecast of 915 million dirhams. DIB also proposed a higher cash dividend for 2015.

Competitors listed on Abu Dhabi’s exchange, Abu Dhabi Islamic Bank and Abu Dhabi Commercial Bank, which have not yet reported quarterly earnings, garnered momentum after DIB’s results appeared to have lifted investors’ optimism in the sector. Both banks surged over 6.0 percent.

The banking sector helped Abu Dhabi’s benckmark recover earlier losses. The exchange edged up 0.7 percent to 3,828 points, moving further away from a 28-month low hit last week.