DUBAI: Most Middle Eastern stock markets ended higher on Monday, with the Dubai index outperforming the region boosted by a leap in its top lender Emirates NBD. Dubai's main share index advanced 2%, boosted by a 6.1% jump in Emirates NBD Bank and a 1.5% increase in Shariah-compliant lender Dubai Islamic Bank.
Investors are betting on growth for Emirates NBD after it emerged as a potential bidder for Egyptian assets of Lebanon's Blom Bank. In Abu Dhabi, the index added 0.6%, helped by a 0.9% rise in the country's largest lender First Abu Dhabi Bank and a 2.1% gain in Abu Dhabi Commercial Bank.
Saudi Arabia's benchmark index was up 0.7%, with oil giant Saudi Aramco rising 2.4%, while Al Rajhi Bank was up 1.1%. Aramco said on Sunday it was setting up a new corporate development organisation to oversee the company's assets and secure greater access to growth markets and technologies.
The Qatari index closed up 0.8%, as Industries Qatar surged 7.4%, reaching its highest level since January 29, after the petrochemical maker bought Qatar Petroleum's 25% stake in QAFCO for $1 billion. Outside the Gulf, Egypt's blue-chip index ended up 0.4%, led by a 3.2% gain in tobacco monopoly Eastern Company.
Amongst others, El Sewedy Electric climbed 3.1%. On Sunday, the company reported a profit of 514.2 million Egyptian pounds ($32.44 million) in the second quarter, down from 930.9 million a year earlier. However, the second quarter profit was higher than the previous quarter.
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