Mideast Stocks: Egypt outperforms; Saudi Arabia extends losses

Mideast Stocks: Egypt outperforms; Saudi Arabia extends losses

Most stock markets in the Middle East closed higher on Monday as oil prices edged up, with Egypt outperforming after the central bank reported an increase in the country's net foreign reserves.

Oil prices - a key catalyst for the Gulf's financial markets - drifted higher, snapping a six-session losing streak, with Brent crude futures up 56 cents, or 0.70%, to $80.50 a barrel at 1130 GMT. International Energy Agency (IEA) Executive Director Fatih Birol said China's recovery remained a driver for oil prices.

In Abu Dhabi, the benchmark stock index settled 0.7% higher, gaining for a sixth session in a row, lifted by a 5.6% rise in American Restaurants International.

The Qatari Stock index rose 0.5% after Dukhan Bank announced a listing of its shares on the Qatar Stock Exchange. Dukhan Bank will offer more than 5.234 billion shares at 4.35 riyal per share, with a listing planned on Feb. 21.

The Qatari stock market recorded a positive performance thanks to the solid local fundamentals, with economic activity expected to continue improving this year, said Fadi Reyad, chief market analyst at CAPEX.com.

"However, the declining natural gas prices could remain a weight for local stocks," Reyad added. Dubai's benchmark index rose 0.5%, rallying for