JEDDAH: Investors in most Gulf stock markets shrugged off further losses in oil prices on Monday, while foreign buyers helped to

lift Egypt’s bourse.

Riyadh’s Tadawul All-Share Index recouped most of the previous day’s drop and rose 1.4 percent, as local retail investors bought back speculative stocks that they had dumped on Sunday. The insurance sub index jumped 2.3 percent after tumbling 3.5 percent on the previous day.

The petrochemical sector also rebounded, adding 1.5 percent as Saudi Basic Industries Corp., the largest listed petrochemical producer, added 2.0 percent.

Almarai, the biggest dairy producer in the Gulf, added 1.0 percent. The company said shareholders had approved a capital increase for the company through an issue of bonus shares.

Saudi Airlines Catering added 2.0 percent after the company said it had signed a contract with Saudi Airlines Real Estate Development Co. to provide catering and other entertainment services for the Saudia Hotel.

Telecommunications firm Zain Saudi rallied 9.5 percent to SR9.20; Riyad Capital issued a note on Monday affirming its “hold” rating for the stock with a price target of SR9.50. The mean price target of three analysts polled by Thomson Reuters, including Riyad Capital, is SR9.25.

“We believe that Zain will be able to strongly grow its subscriber base to reach 12.4 million subscribers in the first quarter of 2016,” said the note.

The Dubai index jumped 2.3 percent to 3,379 points, nearing technical resistance on the March peaks of 3,397-3,421 points as momentum started to build in the latter half of the session, with volume hitting a three-week high.

Builders Drake and Scull and Arabtec each rallied over 6.5 percent and attracted 56 percent of total trading volume combined.

Blue-chip companies have been largely dormant for several weeks as local speculative traders continue to steer markets. Emaar Properties rose 2.6 percent in modest volume.

Abu Dhabi National Energy Co. (TAQA) jumped 13 percent after a 6.1 percent loss on Sunday.

Last week the energy company reported a narrower fourth-quarter loss. Dana Gas added 3.9 percent. But telecommunications firm Etisalat, the largest listed company by market value, dipped 0.5 percent. Its shares will go ex-dividend on Tuesday.

Doha’s benchmark edged down 0.2 percent in a second day of lethargic trade. Oil rig provider Gulf International Services fell 1.0 percent.

Egypt’s main index, which initially fell, ended 0.7 percent higher in modest volume as foreign investors were net buyers, bourse data showed.

Stocks preferred by international asset managers rose with Commercial International Bank and Global Telecom Holding, adding 1.7 and 1.3 percent respectively.