Egypt's
third-biggest listed developer SODIC gained 1.6 percent after it posted
third-quarter net profit of 56.7 million Egyptian pounds ($9.96 million),
rebounding from a year-earlier loss, as revenue soared.
"Most
companies have reported very good results with increases in revenues and growth
in sales. This incremental growth is driving the market forward," said
Margo Moussa from Arab Finance Brokerage.
Orascom
Telecom jumped 6.2 percent. Traders said there were several recent buy orders
on OT's GDRs, which climbed 2.3 percent on Thursday and gained another 2.3
percent on Sunday.
"We
expect gains across the board and if OT continues to go up it could take our
index to the 7,000 level," said Pyramids Capital Vice Chairman Hashem
Ghoneim.
The index
closed up 1.5 percent at 6,925 points, within sight of an October 4 high of
6,947.67 points, which was its highest level since mid-May.
Qatar
continued to outperform regional markets, closing at its highest since October
2008.
Bank
stocks led the rally as Qatar National Bank, the gulf state's biggest lender by
market value, climbed 4.1 percent and Masraf Al Rayan gained 1.3 percent.
Doha's
index added 1.3 percent ending at 8,190 points.
"The
earnings have been good for banks and provisions came down, which boosts
investor confidence," said Robert Pramberger, acting head of asset
management at Doha-based investment company The First Investor. 
"Qatar's
economy is growing and being a lower risk market, most people prefer to invest
here."
In the
United Arab Emirates, property stocks gained on reports of fresh injection of
government funds into Dubai Holding.
Mohammed Al-Shaibani,
the vice chairman of Dubai's top fiscal body told the Financial Times on
Tuesday that the government had already pumped in $2 billion to Dubai Holding.
"Real
estate stocks reacted to news reports about government funds going to Dubai
Holding," said Haissam Arabi, chief executive and fund manager at Gulfmena
Alternative Investments. "If this is true, its good news, especially for
the property sector."
Dubai
builder Arabtec climbed 3.2 percent and Emaar Properties rose 1.9 percent. The
benchmark gained 0.9 percent.
Meanwhile
in Saudi Arabia, the Tadawul All-Share Index closed 0.33 percent lower at
6,362.37 points after losing 21.31 points Sunday. The sector activity for the
day was mostly negative with three gaining sectors against 12 losing sectors.
The gaining sectors were energy and utilities sector, real estate development
sector and multi-investment sector with respective gains of 0.02 percent, 0.13
percent and 0.52 percent. On the other hand the losing sectors for the day
ranged from -0.15 percent by the transport sector to -0.93 percent by the media
and publishing sector. The overall market breadth for the day was negative with
40 advancers against 79 decliners giving it an AD ratio of 0.50. The liquidity
for the day reached SR2.05 billion, the Financial Transaction House (FTH) said
in its daily market commentary.
In Abu
Dhabi, the index dropped 0.2 percent to 2,743 points while in Dubai the stocks
climbed 0.9 percent to 1,703 points. In Kuwait, the market gain 0.3 percent
while in Oman the stocks fell 0.08 percent. In Bahrain the index fell 0.2
percent.