DUBAI: Most major stock indexes in the Middle East ended higher on Sunday, with Qatari shares outperforming thanks to broad-based gains, while petrochemical shares weighed on the Saudi index.

Saudi Arabia’s benchmark index eased 0.3%, hit by a 4.9% fall in Advance Petrochemical and a 3% drop in Jabal Omar Development.

The kingdom’s economy shrank more slowly in the third quarter as the government eased some coronavirus restrictions, but the pandemic-hit oil sector continued to struggle, data showed on Thursday.

Dubai’s main share index settled 0.4% up, with blue-chip developer Emaar Properties rising 1.4%, while DAMAC Properties advanced 4.6%.

DAMAC shares surged over 14% during the day after it called a board meeting on Wednesday to discuss and consider a potential acquisition.

In a separate bourse filing, the firm clarified that the potential acquisition pertains only to increasing its shareholding in a project in London.

The Abu Dhabi index gave up early gains to close 0.4% lower. First Abu Dhabi Bank, the United Arab Emirates’ largest lender, retreated 1.2%, while telecoms firm Etisalat was down 0.6%.

In Qatar, the benchmark index climbed 1%, ending two sessions of losses, as most of its stocks were in positive territory. Petrochemical maker Industries Qatar led the gains rising 1.7%.

Outside the Gulf, Egypt’s blue-chip index gained 0.4%, helped by a 7.3% rise in investment bank EFG Hermes.

The International Monetary Fund has completed the first review of Egypt’s reform program, allowing the country to draw $1.67 billion under a stand by arrangement (SBA), the fund said on Friday.—Reuters