jan 26 reuters  most major gulf index ended higher on wednesday with the saudi market extending gains on the back of a global rally and oil prices while the dubai index was up after banks reported sharply higher profits saudi stock market rose recovering from its latest price corrections thanks to stronger oil prices said wael makarem senior market strategist – mena at exness among other stocks advanced petrochemical 2330se added 29 after it announced it was buying back 15 million shares saudi automotive services 4050se surged about 10 after acquiring an 80 stake in gas station operating company naft services limited company dubais index dfmgi added 05 buoyed by a 15 hike in its bluechip developer emaar properties emardu and a 06 rise in shariacompliant lender dubai islamic bank disbdu after it reported a 396 rise in profits in 2021 dubais biggest lender emirates nbd enbddu however ended flat after rising as much as 11 as its annual profit jumped 34 while impairments fell sharply from the height of the pandemic read more banks in the united arab emirates are benefiting from an uptick in economic activity as the effects of the pandemic ease amid government support higher oil prices and strong tourism due to the world fair expo in dubai analysts expect 2022 will be even better for banks as domestic interest rates should rise tracking higher us rates and loan growth should also improve in abu dhabi the index ftfadgi edged up 01 as market heavyweight first abu dhabi bank fabad was up 05 in qatar the index qsi eased 05 pressured by its banks with qatar islamic bank qisbqa dropping 13 and masraf al rayan losing 08 outside the gulf egypts bluechip index egx30 ended 04 lower extending losses for the fourth session in a row dragged by a 31 slump in fawry for banking technology and electronic payment fwryca and 03 fall in the countrys largest lender commercial international bank comica egyptian stocks were volatile and could start recovering as investors might be attracted to the market after the last price corrections makarem added reporting by shamsuddin mohd in bengaluru editing by krishna chandra eluri