JEDDAH: Major Middle East stock markets gained in active trade on Sunday after oil prices rose sharply last week. Egypt’s bourse climbed on the back of Global Telecom, a favorite of foreign investors.

There is a sense that global bourses and oil prices are regaining some longer-term strength after Brent crude oil gained more than 6 percent last week. This is encouraging sharp rebounds in individual Gulf stocks that bore the brunt of panic selling early this year.

The Saudi Tadawul All-Share Index surged 1.9 percent to 6,092 points, testing technical resistance on the early February and end-January peaks of 6,056-6,099 points. Any break would turn it short-term bullish, triggering a right triangle formed by the highs and lows since mid-January and pointing up to around 6,850 points.

Petrochemical stocks, which were sold heavily as oil tested multi-year lows in recent months, led the Saudi market up with the sector’s index jumping 3.2 percent. Saudi Basic Industries rose 2.4 percent.

Alujain Corp, an industrial investment company focused on petrochemicals, jumped 8.1 percent despite reporting a 36 percent drop in last year’s net profit.

In Dubai, the index rose 1.7 percent to 3,177 points, nearing technical resistance on the late December peak of 3,189 points.

In recent days it has been led by previously beaten-down stocks such as construction firm Drake & Scull, which rose 5.9 percent to AED0.43 in heavy trade on Sunday.

Drake has now jumped 48 percent from January’s record low, although it remains far below its 2014 peak of AED1.97. Three analysts rate it a “hold” and six a “sell” or “strong sell,” according to Thomson Reuters data. They have a median price target of AED0.42.

All 10 of Dubai’s most heavily traded stocks were higher. Construction firm Arabtec, the most active stock on Sunday, jumped 10.6 percent.

Abu Dhabi’s index rose 0.6 percent as telecommunications blue chip Etisalat climbed 2.4 percent.

Qatar added 0.8 percent. Financial firm Islamic Holding jumped 7.7 percent, while Gulf International Services, a drilling rig provider, climbed 4.8 percent. It has bounced 29 percent from this month’s multi-year low.

Oman underperformed the region, edging down 0.1 percent, after Moody’s Investors Service cut the country’s sovereign credit rating by two notches on Saturday.

Banks, which may need to borrow abroad in future to replenish capital, were weak.

Egypt’s index added 1.3 percent as Global Telecom gained 4.6 percent to 2.07 Egyptian pounds. In a report on Thursday, AlphaMena Research rated the stock a “buy” with a six-month target price of 6.75 pounds, citing attractive valuations despite concern over its Algerian subsidiary.