DUBAI: Most stock markets in the Gulf ended higher on Monday, largely led by gains in financial shares.
Saudi Arabia's benchmark index, however, bucked the trend, ending flat, with petrochemicals and some financial shares moving sideways. Al Rajhi Bank though added 0.5% and Riyad Bank gained 1.7%.
Shares in the United Arab Emirates - which signed an agreement with Israel on Thursday to normalize diplomatic relations - extended gains from the previous session.
Dubai's main share index rose 1%, boosted by a 4.5% jump in Emirates NBD Bank (ENBD), extending gains for a fifth session.
On Thursday, the lender said it was in preliminary discussions with Lebanon's Blom Bank about acquiring a stake in Blom Bank Egypt.
Arabtec Holding, by contrast, dropped 4.9%.
The United Arab Emirates' largest listed contractor swung to a loss in the first half of the year, citing tight liquidity and limited new projects, and said it was seeking an advisor for debt restructuring.
This will be the third restructuring exercise for Arabtec in the last four years.
In Abu Dhabi, the index closed up 0.4%, with Abu Dhabi National Energy Company surging 11.9%, while National Marine Dredging was up 15%.
National Marine on Sunday received an offer from National Petroleum Construction Company to combine the two companies.
The Qatari index gained 1%, with banking stocks leading the pack. Lender Masraf Al-Rayan rose 2.4%, while Qatar National Bank, the Gulf's largest lender, was up 1.5%.
Egypt's blue-chip index gained 0.2%, helped by a 0.8% rise in Commercial International Bank, while Ezz Steel leapt 4.6%, to become the top gainer on the index.
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