Mideast Stocks: Saudi leads Gulf markets higher; Egypt retreats

Mideast Stocks: Saudi leads Gulf markets higher; Egypt retreats

Most Gulf bourses ended higher on Tuesday, with Saudi Arabia outperforming in the region on the back of banking shares, while the Egyptian index was hit by blue-chip sell-off.Saudi Arabia's benchmark index advanced 1.2%, buoyed by a 1.5% gain in oil giant Saudi Aramco and a 4.6% leap in Riyad Bank .The kingdom's consumer price index jumped 6.1% in July compared with last year, boosted by a tripling of value-added tax, official data showed on Sunday.Dubai's main share index rose 0.8%, extending gains for a sixth session, with blue-chip developer Emaar Properties jumping 3.6%, while its unit Emaar Malls gained 2%.Dubai Islamic Bank, the country's largest sharia-compliant lender, advanced as much as 2.5%.Arabtec Holding, however, declined 4.9% to extend losses for a third straight session.The United Arab Emirates' largest listed