Stock markets in Qatar and Egypt closed at multi-month highs on Monday on the back of firm global bourses, while Saudi Arabia's stock market was supported by a recovery in oil prices. Qatar's index rose 1.2 percent to 10,920 points, a nine-month high. Vodafone Qatar jumped 6.0 percent in unusually heavy trade and the largest listed stock, Qatar National Bank, added 2.3 percent.
Abu Dhabi's index reversed an early decline to add 0.1 percent as some mid-cap shares advanced. Abu Dhabi National Energy Co surged 8.0 percent. First Gulf Bank rose 0.4 percent but most other large-cap lenders lagged, with Abu Dhabi Commercial Bank dropping 0.6 percent.
Dubai's index ended the session flat in thin trade with just under half of traded shares declining and a little over a fifth gaining. Builder Arabtec, which climbed 3.4 percent on Sunday, retreated 1.3 percent. Kuwait's Agility climbed as much as 1.0 percent but ultimately closed flat after the logistics company reported an 11 percent rise in second-quarter net profit to 15 million dinars ($50 million), ahead of SICO Bahrain's forecast of 13.7 million.
Kuwait's main index advanced 0.5 percent, supported by banking shares. Boubyan Bank rose 1.3 percent and Al Ahli Bank of Kuwait added 1.6 percent. Riyadh's main index rose 0.5 percent with the petrochemical sector gaining for a third session in a row as Brent oil traded above $44 a barrel, recovering from a four-month low of $41.51 hit on August 2.
Industry bellwether Saudi Basic Industries added 0.3 percent and an affiliate of SABIC, Saudi Kayan Petrochemical, jumped 4.5 percent. Some domestic demand-driven companies also advanced with retailer Fawaz Abdulaziz Alhokair climbing 5.0 percent. In Egypt, the main index edged up 0.6 percent to a 13-month closing high of 8,273 points. Trading volumes almost doubled from Sunday to its highest level since mid-April as both local and foreign institutions accumulated shares, bourse data showed.
Telecom Egypt rose 0.8 percent after Egypt's landline monopoly said on Sunday that its board gave final approval of plans to buy a fourth-generation mobile phone licence, although the price was not disclosed, according to a senior source at the company. This would allow the company to be a direct player in the mobile phone market. Orascom Telecom, the most heavily traded stock on the exchange, jumped 5.3 percent but Global Telecom Holding fell 1.5 percent.
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