Gulf stock markets were relatively calm in early trade on Wednesday after falling sharply in the previous session when Brent crude oil fell below $60 per barrel.
Dubai's stock index, which tumbled 7.3 percent on Tuesday and was down 28 percent this month, rose 0.7 percent as half of traded stocks gained.
Local investors hope that foreigners looking to exit the market before the end of the year have already done so and that selling pressure will now subside, said Sanyalak Manibhandu, manager of research at NBAD Securities in Abu Dhabi.
Also, some may be betting that money from Emaar Properties' AED9 billion ($2.5 billion) dividend payout on December 23 will be partly reinvested on the market.
"Valuations are now very attractive compared to what they were early in the year," Manibhandu said. However, "going forward, for sustainability you need to see crude prices not fall much from where they are now."
Abu Dhabi's index rose 2.6 percent and Oman's bourse edged up 0.2 percent. Qatar inched up 0.1 percent and Kuwait edged down 0.4 percent.
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