DUBAI: Most stock markets in the Gulf ended higher on Monday, with the Saudi index snapping a four-day losing streak, while the Egyptian bourse rose for a fourth session in five.
GCC stock markets mostly were in the green as slight price corrections in the last few days to weeks triggered interest. Investors remain optimistic even though inflation is becoming a growing concern, said Wael Makarem, senior market strategist at Exness.
"The US federal reserve is expected to intervene on this matter on Wednesday," Makarem said.
Saudi Arabia's benchmark index edged 0.2% higher, helped by a 2.4% rise in Saudi Arabian Mining Company.
But oil giant Saudi Aramco retreated 0.4%, giving up previous session's gain when it reported a sharp rise in quarterly earnings, boosted by higher crude prices and volumes sold.
The kingdom recorded a budget surplus of 6.7 billion riyals ($1.79 billion) in the third quarter, as higher oil prices fuelled its first quarterly surplus in over two years.
Egypt's blue-chip index rebounded 1.3%, buoyed by a 2.2% rise in top lender Commercial International Bank. Investors keeping up positive expectations regarding the market is looking to be benefited from the country's stable macroeconomic indicators and accelerating growth, said Makarem.
In Abu Dhabi, the index finished 0.8%, with First Abu Dhabi Bank, the country's largest lender, advancing 2.2%, while Emirates Telecommunications Group added 1% after it reported a rise in quarterly profit.
However, Abu Dhabi Commercial Bank fell 1% following a decline in third-quarter earnings.
Dubai's main share index rose 0.6%, driven by a 0.7% gain in blue-chip developer Emaar Properties and a 1.5% rise in DAMAC Properties, extending gains from the previous session.
On Thursday, DAMAC said its board had unanimously recommended minority shareholders accept founder Hussain Sajwani's offer to buy them out and delist the company.
The Qatari index eased 0.1%, hit by a 2.2% fall in petrochemical maker Industries Qatar.
SAUDI ARABIA gained 0.2% to 11,723
ABU DHABI added 0.8% to 7,925
DUBAI rose 0.6% to 2,882
QATAR eased 0.1% to 11,753
EGYPT up 1.3% to 11,568
BAHRAIN was up 1% to 1,760
OMAN rose 0.8% to 3,697
KUWAIT added 0.3% to 7,712.
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