Mideast Stocks: Most Gulf markets rise on solid corporate earnings; Egypt slips

Mideast Stocks: Most Gulf markets rise on solid corporate earnings; Egypt slips

Most stock markets in the Gulf ended higher on Monday, largely on the back of corporate earnings, although traders' attention remained focused on the U.S. Federal Reserve and volatility in oil markets. Saudi Arabia's benchmark index gained 0.4%, buoyed by a 3.7% jump in Al Rajhi Bank after the lender proposed a half-yearly dividend of 1.15 riyal per share.

The Saudi bourse continued to see a strong performance thanks to solid local fundamentals as well as positive results from the banking sector, said Daniel Takieddine, CEO MENA at BDSwiss. "Volatility in energy prices could affect the market to a certain extent, however."

In Abu Dhabi, the benchmark stock index rose 1.2%, boosted by a 5.8% surge in the country's biggest lender First Abu Dhabi Bank (FAB) following a sharp rise in quarterly earnings. FAB said its second-quarter profit rose 61% from a year prior, as interest and non-interest income rose. The bank posted a net profit of 4.2 billion dirhams ($1.14 billion) for the quarter. Dubai's main share index edged 0.2% higher, with Emirates Central Cooling Systems Corp gaining 1.6%.

Dubai's Roads and Transport Authority (RTA) has invited investment banks to pitch for roles in the planned initial public offerings of its taxi