Riyadh’s benchmark ended 0.6 percent higher. The banking sector gained 0.5 percent and petrochemical stocks rose 0.7 percent.

Most large-cap stocks were up, with Saudi Basic Industries Corp (SABIC) climbing 0.2 percent and Al-Rajhi Bank up 0.3 percent.

Analysts said recent declines should attract buyers at lower prices.

“If you look at valuations of SABIC, it indicates a P-E (price to earnings) of 10 — at its historic low,” said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments. “So it doesn’t make sense to continue downwards.”

Saudi Electricity advanced 1.8 percent and Samba Financial Group gained 1.5 percent.

“Smart money started to come in and pick up cheap valuations. You will see some good support at these levels, but that doesn’t mean we won’t see pressure from oil,” Arabi added.

Oil prices fell on Friday on news Saudi Arabia was offering more oil to Asian customers, with additional pressure from a stronger dollar. Brent crude for July delivery fell 79 cents to settle at $118.78 per barrel.

Weakness in global shares weighed on Dubai’s index, falling 0.3 percent to a June low. Volumes slumped to an 18-week low.

Major stock markets have fallen in five of the past six weeks on growing worries about the global economy after data showed China’s export growth slowed in May.

Bellwether Emaar Properties eased 1.3 percent and Arabtec slipped 0.8 percent.

Losers outnumbered gainers 11 to seven.

“In the medium- to long-term, I’m still positive, but in the short term I don’t see any triggers to take (Gulf) markets up unless Q2 results are better than expected,” said Shakeel Sarwar, head of asset management at Securities & Investment Co (SICO) in Bahrain.

Elsewhere, Oman’s index ended 0.3 percent higher to be up 0.4 percent in June. It fell 5.2 percent in the May.

Telecoms operator Nawras climbed 1.4 percent.

Qatar’s index added 0.1 percent, trimming its June losses to 1.1 percent but country fundamentals are still strong.

Some mid-cap stocks supported, with Barwa Real Estate up 0.7 percent and Qatar Gas Transport gaining 2 percent.

“Qatar has corrected quite substantially recently, but there is no clear current trend,” said Sachin Mohindra, senior vice-president, portfolio manager at Invest AD.

“Qatar is a market people love on long-term fundamentals. Eventually, if funds return to any country, it will be Qatar.”

Qatar’s economy is forecast to grow 15.8 percent in 2011, according to a Reuters poll in March.

Kuwait’s index ended lower for a third straight session, down 0.2 percent.