DUBAI: Most major stock markets in the Middle East ended higher on Sunday, with the Dubai index touching a more than five-month peak, led by its top lender Emirates NBD. Saudi Arabia's benchmark index gained 0.7%, with Al Rajhi Bank rising 1.6% and Riyad Bank 3.3%.
Elsewhere, Saudi Arabian retailer Savola Group advanced 1.4% after a sharp increase in second-quarter net profit. Dubai's main share index closed 1.3% up at its highest since March 12, boosted by a 3.1% gain for Emirates NBD and a 1.5% rise for Dubai Islamic Bank.
Emirates NBD, Dubai's largest lender, is in preliminary discussions with Lebanon's Blom Bank over a potential acquisition of its shareholding in Blom Bank Egypt. Union Properties, however, gave up earlier gains to end 0.9% down. The real estate developer reported a net loss of 38.6 million dirhams ($10.5 million) in the second quarter, against a loss of 84.1 million dirhams a year earlier.
The Abu Dhabi index was up 0.6%, led by a 1.1% rise for the country's largest lender, First Abu Dhabi Bank, and a 0.5% gain for telecoms company Etisalat. In Qatar, the index was flat, with market heavyweight Industries Qatar rising 1.1%. Outside the Gulf, Egypt's blue-chip index gained 1.6%, with 20 of the 30 stocks in positive territory, including a 0.8% gain for Commercial International Bank.
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