• Saudi Aramco closed up 1.3% at 32.35 riyals above its initial public offering price of 32 riyals, a mark it last touched on April 12.
  • In Dubai, the index gained 0.4% with its biggest lender Emirates NBD adding 3.2%.
  • In Egypt, the index fell 0.8%, dragged down by tobacco firm Eastern Company declining 3.5%.

Most major Gulf stock markets rose on Monday, lifted by rising oil prices, led by Saudi Arabia after its banking sector got a boost from upbeat corporate earnings.

Oil prices climbed on Monday, supported by output cuts and signs of gradual demand recovery amid easing coronavirus curbs. Brent crude jumped 6.1% at $34.49 a barrel by 1041 GMT.

Saudi Arabia's index rose 1.4%, with Al Rajhi Bank gaining 1.6%.

Samba Financial Group jumped 4.3% after it reported a 19.6% increase in first-quarter net profit, while the country's biggest lender National Commercial Bank rose 2.3% after reporting a 2.1% rise in quarterly profit.

Saudi Aramco closed up 1.3% at 32.35 riyals above its initial public offering price of 32 riyals, a mark it last touched on April 12.

In Dubai, the index gained 0.4% with its biggest lender Emirates NBD adding 3.2%.

Union Properties jumped 3.1% after the real estate developer said it would seek approval from shareholders to utilise statutory reserve to reduce its accumulated losses, which stood at 2.14 billion dirhams ($582.68 million) and represented nearly 50% of the capital at the end of 2019.

The Qatari index ended up 0.8%, with Industries Qatar and Qatar Islamic Bank rising 4% and 2.3%, respectively.

A decliner was the Abu Dhabi index, down 0.1%, as the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB) retreated 0.4%.

Reuters reported, through sources, that FAB put on hold discussions to acquire the Egyptian assets of Lebanon's Bank Audi due to difficult market conditions.

In Egypt, the index fell 0.8%, dragged down by tobacco firm Eastern Company declining 3.5%.

El Sewedy Electric fell 4.8%, its fourth consecutive session of losses, after the cable maker reported a more than 50% plunge in first-quarter net profit.