Stock markets in the Gulf ended mixed on Monday with some including the Saudi index hit by profit-taking, while those in the United Arab Emirates continued their rebound following Iran-Israel ceasefire and Dubai reached a 17-year high.
Dubai's main share index (.DFMGI), opens new tab rose for sixth consecutive session to close 0.4% higher, at its highest since June 2008, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab rising 1.1%.
In other sectors, National Central Cooling Co (Tabreed) (TABR.DU), opens new tab advanced 1.8%.
Tabreed and private equity firm CVC's (CVC.AS), opens new tab infrastructure strategy arm, CVC DIF, plan to acquire Abu Dhabi-based Multiply Group's (MULTIPLY.AD), opens new tab district cooling business.
CVC DIF and Tabreed have entered into a partnership to acquire PAL Cooling Holding at an equity value of about 3.8 billion dirhams ($1.03 billion).
Multiply Group shares were up 2.6%.
The market appears well-supported by strong fundamentals for a continued upward trend, said Osama Al Saifi, Managing Director for MENA at Traze.
In Abu Dhabi, the index (.FTFADGI), opens new tab gained 0.7%.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.4%, snapping a five-session winning streak, weighed down by a 2.5% fall in Al Rajhi Bank (1120.SE), opens new tab.
The Saudi market concluded its second quarter with losses. The next significant event could be upcoming second-quarter earnings results, which could help spur a recovery in the second half of the year, said Al Saifi.
"However, the potential for lower oil prices remains a headwind," he said.
On the other hand, oil giant Saudi Aramco (2222.SE), opens new tab added 0.1%.
Oil prices - a catalyst for the Gulf's financial markets - held steady as Middle East risks eased, while a possible OPEC+ output increase in August and uncertainty over the global demand outlook weighed on the market.
The Qatari benchmark (.QSI), opens new tab lost 0.2%, ending six consecutive sessions of gains, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab declining 1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 1.1%, with Talaat Moustafa Group Holding (TMGH.CA), opens new tab dropping 2.3%.
Meanwhile, Egypt's economy grew by 4.77% in the third quarter of its 2024/25 fiscal year, up from 2.2% in the same quarter a year earlier, as manufacturing activity recovered, the planning ministry said on Monday.
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