Most stock markets in the Gulf ended higher on Monday, with the Saudi index snapping a four-day winning streak, while the Egyptian bourse rose for a fourth session in five.
GCC stock markets mostly were in the green as slight price corrections in the last few days to weeks triggered interest. Investors remain optimistic even though inflation is becoming a growing concern, said Wael Makarem, senior market strategist at Exness.
"The U.S. federal reserve is expected to intervene on this matter on Wednesday," Makarem said.
Saudi Arabia's benchmark index (.TASI) edged 0.2% higher, helped by a 2.4% rise in Saudi Arabian Mining Company (1211.SE).
But oil giant Saudi Aramco (2222.SE) retreated 0.4%, giving up previous session's gain when it reported a sharp rise in quarterly earnings, boosted by higher crude prices and volumes sold.
The kingdom recorded a budget surplus of 6.7 billion riyals ($1.79 billion) in the third quarter, as higher oil prices fuelled its first quarterly surplus in over two years. read more
Egypt's blue-chip index (.EGX30) rebounded 1.3%, buoyed by a 2.2% rise in top lender Commercial International Bank (COMI.CA).
Investors keeping up positive expectations regarding the market is looking to be benefited from the country's stable macroeconomic indicators and accelerating growth, said Makarem.
In Abu Dhabi, the index (.ADI) finished 0.8%, with First Abu Dhabi Bank (FAB.AD), the country's largest lender, advancing 2.2%, while Emirates Telecommunications Group (ETISALAT.AD) added 1% after it reported a rise in quarterly profit.
However, Abu Dhabi Commercial Bank (ADCB.AD) fell 1% following a decline in third-quarter earnings.
Dubai's main share index (.DFMGI) rose 0.6%, driven by a 0.7% gain in blue-chip developer Emaar Properties (EMAR.DU) and a 1.5% rise in DAMAC Properties (DAMAC.DU), extending gains from the previous session.
On Thursday, DAMAC said its board had unanimously recommended minority shareholders accept founder Hussain Sajwani's offer to buy them out and delist the company.
The Qatari index (.QSI) eased 0.1%, hit by a 2.2% fall in petrochemical maker Industries Qatar (IQCD.QA).
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