DUBAI: Stock markets in the Gulf ended mixed on Monday, as oil prices rose on fresh diplomatic efforts to resolve the Ukraine crisis but banking shares drew profit taking.

France has raised the possibility of a summit between US President Joe Biden and Russia’s Vladimir Putin to discuss the Ukraine crisis. However, a summit would be held only if Russia did not first invade Ukraine, which Western countries have said it could do at any moment despite repeated denials.

The Kremlin said there were no concrete plans in place for a summit, but that a call or meeting could be set up at any time.

Saudi Arabia’s benchmark index gained 0.8%, with oil behemoth Saudi Aramco rising 4.1% to a record closing high of 39.3 riyals.

Aramco is seeing signs of more demand around the world, especially in Asia, CEO Amin Nasser said on Monday. His comments come at a time when demand is outpacing supply and could remain so for a while, according to Wael Makarem, senior market strategist at Exness.

“The demand is supported by the strong economic recovery around the world and the retreating threat of the COVID-19 virus, which could help remove any remaining sanitary restrictions on the economy.”

Al Rajhi Bank fell 2.1%, a day after it jumped 5.9% following the lender announcing its board’s proposal to increase capital.

In Abu Dhabi, the index dropped 1.2%, weighed down by a 2.4% decline in First Abu Dhabi Bank (FAB), the country’s largest lender.

Egypt’s largest investment bank, EFG Hermes, appointed Goldman Sachs to advise on FAB’s offer to acquire a majority stake, it said on Monday.

FAB this month made a non-binding offer to buy at least 51% of EFG Hermes for 19 Egyptian pounds ($1.21) per share, which valued the investment bank at nearly $1.2 billion.

Dubai’s main share index slipped 0.5%, hit by a 1.8% drop in blue-chip developer Emaar Properties.

The Qatari index finished flat as gains in financial shares were offset by declines in energy stocks.

Outside the Gulf, Egypt’s blue-chip index advanced 1.1%, with top lender Commercial International Bank rising 1.6%.

Investors moved to buy after the previous day’s dip, with risk-on sentiment reviving globally on some positive headlines from Europe, said Ghadi Wakim, key account manager at Exness.

SAUDI ARABIA added 0.8% to 12,562

ABU DHABI fell 1.2% to 9,045

DUBAI lost 0.5% to 3,311

QATAR was flat at 12,670

EGYPT rose 1.1% to 11,502

BAHRAIN was up 0.2% to 1,933

OMAN down 0.1% to 4,084

KUWAIT added 0.8% to 8,284.