Dubai: Dubai stocks advanced the most among Middle Eastern equities as the European Central Bank's monetary stimulus boosted demand for emerging-market assets adding fuel to bullish sentiment in the emirate.

The DFM General Index climbed 1.4 per cent to 3401.03 points extending four weeks of gains the longest streak since April. Emirates NBD the emirate's biggest lender added 4.6 per cent to the highest level in three months.

Saudi Arabia's Tadawul All Share Index rose 0.2 per cent.

"The ECB moves were taken well" said Saleem Khokhar the head of fund management and equities at the asset management group of National Bank of Abu Dhabi.

Dubai stocks have been rallying after Brent crude prices climbed from the lowest level since 2003 lifting the emirate's equity index into a bull market last month. Other stock gauges in the six-nation Gulf Cooperation Councilhome to about 30 per cent of the world's oil followed.

About 566 million shares traded on Dubai's benchmark double the six-month average according to data compiled by Bloomberg. The gauge's 14-day relative strength index was at 70 which tosome technical analysts is a sign the measure is overbought and poised to decline.

Dubai Parks & Resorts which is building a series of theme parks in the UAE jumped 14 per cent to the highest since it listed in December 2014. About 148 million shares changed hands or almost 18 times the three-month daily average. Its RSI jumped to more than 80.

Union Properties fell 3.9 per cent in a third day of declines. The stock's 14-day RSI climbed to 81 on March 8.

Saudi Arabia's Tadawul gained for the first time in three days. Thirty-day volatility on the gauge has dropped to the lowest in two months and the measure is about 3 per cent from following Dubai Abu Dhabi and Qatari stocks into a bull market.

Oman's MSM 30 Index climbed 0.3 per cent andKuwait's SE Price Index added 0.1 per cent. Bahrain's BB All Share Index lost 0.3 per cent and Qatar's QE Index fell 0.6 per cent.

Abu Dhabi's ADX General Index dropped 0.8 per cent falling a second day as Abu Dhabi Commercial Bank traded without the right to its dividend. Emirates Telecommunications Group also known as etisalat fell 2.2 per cent. The company's revenue growth this year will probably be stable in dirham terms with a capital expenditure-to-revenue ratio of about 18 per cent according to a presentation on its website.

Egypt's EGX 30 Index was little changed ending its six day winning streak the longest since December 24.The gauge haspared its loss in 2016 to 6.3 per cent.

The nation is planning to offer this week a product customised for foreign investors in its domestic government debt to hedge against currency risk according to a senior central bank official. Egypt grappling with a foreign currency shortage that has weighed on economic growth and corporate profits is trying to attract back some of the $10 billion of overseas investment in government treasury bills that fled in the aftermath of the 2011 Arab Spring.

"Any sign of progress on solving the foreign-currency crisis stands to have a big impact on the market and we're finally seeing it" said Hesham Wafa Cairo-based institutional sales trader at Mubasher Trade. "There's quite a bit of excitement about the central bank's move to bring foreigners back to the debt market.