Abu Dhabi outperformed other Gulf stock markets on Monday, buoyed by strong corporate earnings, while Egypt’s bourse retreated as investors locked in recent gains.

The Abu Dhabi index rose 1.9% to reach its highest level since May, lifted by a 5.3% jump in conglomerate International Holding ahead of second-quarter earnings.

Among other gainers, Abu Dhabi National Oil Co For Distribution gained 1.9% after reporting quarterly profit of 891.2 million dirhams ($243 million), up from 521.4 million dirhams a year ago.

Most Gulf bourses track oil prices lower; Egypt gains

Dubai’s main share index closed 1% higher, with sharia-compliant lender Dubai Islamic Bank rising 1.7% and Dubai Investments up 5.6%.

High oil prices and increased production have been a boon for the United Arab Emirates economy this year, along with a continued recovery from the COVID-19 pandemic.

UAE finance ministry data on Monday showed the government’s net operating surplus more than doubled in the first quarter as oil prices boosted public revenue.

Saudi Arabia’s benchmark index was up 0.7%, led by a 2.5% rise in Banque Saudi Fransi.

The Qatari benchmark climbed 1.4%, with most stocks on the index in positive territory, including petrochemical maker Industries Qatar, which added 1.2%.

On Sunday, Industries Qatar reported net profit of 5.4 billion riyals ($1.47 billion) for the first-half of 2022, a 57% gain over the first-half of 2021.

Outside the Gulf, Egypt’s blue-chip index fell 0.8%, snapping four sessions of gains.

Traders said they had sought to secure gains after last week’s strong performance.

SAUDI ARABIA rose 0.7% to 12,297

ABU DHABI up 1.9% to 10,103

DUBAI advanced 1% to 3,349

QATAR gained 1.4% to 13,563

EGYPT lost 0.8% to 10,048

BAHRAIN flat at 1,900

OMAN rose 0.2% to 4,661

KUWAIT added 0.1% to 8,601