JEDDAH: Most Gulf stock markets were narrowly mixed on Sunday, influenced by a mixed set of earnings and corporate news, though Dubai rose on the back of real estate-related stocks.

Brent crude oil rose 2.3 percent on Friday and posted a 5.3 percent weekly gain on lowered expectations that an agreement on Iran’s nuclear program would result in a rapid return of more Iranian oil to the market. Meanwhile, world equity markets tested record highs on hopes for more stimulus from top central banks.

This background helped Saudi Arabia’s market rise on Sunday, though the main index gave up most of its early gains and ended up just 0.1 percent.

Saudi Basic Industries was the main support, jumping 2.0 percent on the last day its shares carried the 2014 dividend.

Shipper Bahri, which soared 9.8 percent in the previous session after more than doubling its first-quarter profit, extended gains and jumped 2.0 percent.

Most cement stocks rose after regional news website Argaam.com published a report on the Kingdom’s cement market, showing a 10 percent increase in total first-quarter sales. Najran Cement in particular jumped 3.0 percent as the report said it had boosted quarterly sales by 79 percent.

Qassim Cement rose 1.8 percent to SR91.75 after reporting a 2.3 percent increase in first-quarter profit. Riyad Capital maintained a “hold” recommendation for the stock with a 12-month target price of SR104.00.

“Stable budgeted government expenditure for 2015, despite a lower oil price, should ensure steady progress on mega projects,” it said in a note.