JEDDAHI: A rebound by Dubai builder Arabtec lifted the mood of investors in the United Arab Emirates stock markets on Monday, while other bourses in the Middle East moved very little as oil once again halted its advance.

Brent oil slipped 0.2 percent and traded near $55 per barrel after Saudi Arabia indicated it was now pumping near a record high of 10 million barrels per day, adding to concerns about global oversupply.

Petrochemicals giant Saudi Basic Industries Corp. (SABIC), whose earnings are sensitive to oil prices, slipped 0.5 percent, but the Kingdom's main stock index added 0.1 percent to 9,320 points thanks to foodmakers Savola Group and Almarai. Savola surged 6.7 percent to SR73.75 after plunging 10.1 percent in the previous two sessions because of a cut in its first-quarter profit forecast.

NBK Capital on Sunday upgraded the stock to "hold" from "sell", raising its fair value estimate 10 percent to SR77.00 on an improved medium-term outlook.

Dairy firm Almarai, in which Savola is the biggest shareholder with a 36.5 percent stake, rose 5.3 percent on Monday after Egyptian newspaper Al Borsa reported that the company planned to invest $400 million in the country.

According to the report, Almarai plans to expand its plant and build a new dairy farm, and is also eyeing acquisitions in the sector.

Dubai's index jumped 2.2 percent to 3,501 points as trading focused on Arabtec, which rose 3.8 percent to 2.45 dirhams.

The stock, which had tumbled its daily 10 percent limit in the previous session, bounced off major technical support around its July 2014 low of 2.35 dirhams.

Abu Dhabi's benchmark rose 1.3 percent to 4,381 points and First Gulf Bank, up 2.6 percent, was one of the main supports. The bank's chief executive, Andre Sayegh, told UAE newspaper The National that the lender was considering expanding into Egypt.

Oman's index edged down 0.4 percent, largely because of ex-dividend Oman Telecom-munications, while Qatar and Kuwait were nearly flat.

Egypt's market edged up 0.2 percent on the back of blue chips Talaat Moustafa Group and Commercial International Bank, which rose 2.5 and 0.6 percent respectively.

Carpet maker Oriental Weavers climbed 0.5 percent after its board proposed a 0.4 Egyptian pound dividend for 2014, unchanged from 2013.