Saudi Arabia ended higher for a second day following the Eid holiday, rising late in the day to recover from earlier weakness.
Saudi Basic Industries Corp. (SABIC) edged 0.3 percent higher.
Construction and real estate stocks boosted bourses in the UAE with Dubai’s Arabtec climbing 3.7 percent and leading the emirate’s bourse 0.7 percent higher.
“We’re taking the good news from global markets,” said Haissam Arabi, chief executive and fund manager at Gulfmena Investments.
“There is positive sentiment in most GCC markets and Saudi got off to a good start yesterday after Eid but the markets are being careful and we are not seeing huge volumes.”
Dubai’s Drake & Scull International advanced 1.7 percent after reporting a 76-percent increase in third quarter net profit earlier on Sunday.
“Until now you don’t have a lot of reaction on results, even if they are far above consensus — the price action is limited,” said Sebastien Henin, portfolio manager at The National Investor.
“I don’t see from where we can have a positive catalyst in the UAE.”
Abu Dhabi’s main index rose 0.6 percent to 2,492 points driven by Dana Gas — the usual target of retail investors — which increased 3.8 percent.
Oman and Kuwait both fell but losses were modest.
Muscat’s main measure slipped 0.1 percent with Galfar Engineering easing 2.2 percent.
Oman Telecommunications Co. (Omantel) ended flat after reporting a 25-percent rise in third quarter net profit which fell slightly short of analysts estimates.
Egypt’s main index fell 1.9 percent to 4,299 points as some investors sold ahead of a planned mass rally in Cairo on Friday to protest at a government attempt to lay down rules for a new constitution.
