DUBAI: Low oil prices helped Egypt's stock index hit a 6-1/2-year closing high on Wednesday, as bets on property stocks and positive corporate news also buoyed sentiment. Gulf markets mostly edged down after unimpressive earnings reports.

Brent crude oil traded just above $48 per barrel on Wednesday, slightly up from Tuesday's close but down from $116 last June.

The Cairo benchmark added 0.5 percent to 9,856 points, rising above a major chart barrier at 9,831 points, September's multi-year peak, to reach to its highest finish since July 2008.

Most Gulf markets edged down after a series of poor fourth-quarter earnings reports.

Saudi Arabia's Tadawul All-Share Index fell 1.1 percent to 8,394 points as shares in

Saudi Arabian Mining Co. (Maaden) tumbled 6.6 percent.

The Gulf's largest miner reported a fourth-quarter net profit of SR376 million ($100 million) on Tuesday, missing analysts' average estimate of SR490.2 million.

Another major drag on the benchmark was retailer Fawaz Abdulaziz Alhokair Co., down 6.3 percent; it reported a 20.3 percent fall in quarterly profit. It made SR106.2 million while analysts had forecast SR144.7 million.