JEDDAH: Most Gulf stock markets rose on Thursday, buoyed by firm oil prices, while Egypt edged up but was again restrained by worries about a possible interest rate rise, a currency devaluation or both.

A decision by Saudi Arabia to raise oil prices to its main customers in Asia contributed to a sense that crude may finally have bottomed out. Also, purchasing managers’ indexes released on Thursday showed non-oil business activity in Saudi Arabia and the UAE accelerating slightly in February from January’s multi-year lows.

Tadawul All-Share Index rose 0.8 percent as petrochemical blue chip Saudi Basic Industries gained 1.0 percent.

Beaten-down cement firms rallied, with Jouf Cement climbing 4.0 percent to SR9.05 in unusually heavy trade; it is down from a mid-2015 peak of SR18.35. Najran Cement 3002.SE added 1.6 percent.

Saudi cement companies have been urging the government to ease restrictions on cement exports, and hopes that this could happen soon have aided stocks in the sector in the last few weeks.

In Dubai, the index rose 0.8 percent as Arabtec, the most heavily traded stock, jumped 8.0 percent, recouping most of its 9.1 percent slump on Wednesday.

The stock has been swinging wildly in speculative trade since exchange data at the start of this week showed former chief executive Hasan Ismaik had raised his stake in the company to 11.91 percent from 11.81 percent — though his stake has not grown since then.

In another sign of improving sentiment toward Gulf equity markets, Dubai Financial Market the Gulf’s only listed exchange, rose 3.9 percent in unusually heavy trade.

Abu Dhabi gained 0.9 percent as telecommunications giant Etisalat rose 2.6 percent after international index compiler FTSE Russell said it would add the stock to its All-World and other indexes, effective after the close of business on March 18.

Investment bank EFG Hermes estimated this could attract about $216 million of passive fund inflows into the stock. Such flows usually occur about one day before a change in an index.

Qatar’s index climbed 1.2 percent in a broad rise as Vodafone Qatar, the most heavily traded stock, surged 5.1 percent. But drilling rig provider Gulf International Services sank 5.2 percent after its annual general meeting approved a dividend payment of 1 riyal per share. For 2014, it had paid 5.5 riyal dividend.

Egypt’s index rose for the first time in four days, gaining 0.2 percent, with Global Telecom up 2.9 percent. But most stocks were sluggish; rising bond yields this week have convinced investors that the central bank may soon raise interest rates or let the Egyptian pound drop.

The economy is still struggling — Egypt’s purchasing managers’ index for February showed business activity there shrank for a fifth straight month.

Financial firm Prime Holding fell back 6.3 percent in unusually heavy trade after several days of strong rises, but Beltone Financial continued soaring on its deal to acquire CI Capital; it added a further 10 percent.