Saudi Arabian stocks rose sharply on Sunday buoyed by jump in oil prices and positive corporate earnings, while Dubai was up on news about potential financial support from Abu Dhabi.
US crude prices jumped 7% on Friday and Brent crude settled 4.4% up at $32.50 a barrel as demand showed signs of picking up with countries easing travel restrictions imposed to stem the spread of the coronavirus.
Saudi Arabia's index closed 1.6% higher led by Al Rajhi Bank and Saudi Aramco which rose 2% a 1.8%, respectively.
Saudi Aramco closed at 31.95 riyals, slightly below its initial public offering price of 32 riyals.
National Commercial Bank (NCB) advanced 2.8% after reporting a 2.1% rise in first-quarter profit and Riyad Bank rose 2.9% as its net special commission and fee income increased 7.3%.
Dubai's index rose 0.9% as Dubai Financial Market surged 14.9% to its sharpest intraday rise since 13 October 2008, while Dubai Investment added 3.6%.
Reuters reported, citing sources, that the governments of Abu Dhabi and Dubai were discussing ways to prop up Dubai's economy by linking assets in the two emirates, with Abu Dhabi's state fund Mubadala likely to play a key role in any deal.
Dubai denied being in talks with Abu Dhabi for support from Mubadala.
The Abu Dhabi index inched down 0.1% with telecoms firm Etisalat
losing 0.3% and Abu Dhabi Islamic Bank gaining 0.9%.
The Qatari index closed 0.4% down as Masraf al Rayan shed 1.4% and Industries Qatar slipped 1.2%.
In Egypt, the blue-chip index was up 0.7% as the market heavyweight Commercial International Bank Egypt rose 1.2%. Egypt's central bank left its main interest rates on hold on Thursday, balancing a growth slowdown with an unexpected uptick in inflation.
Egypt, which cut growth target to 4.2% from 5.6% for the current fiscal year which ends in June, reported an uptick in annual inflation to 5.9% in April from 5.1% in March.
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