Saudi exchange data released late on Sunday showed that foreigners were the net-buyers of 958.3 million riyals ($256 million) of stocks last week. Market heavyweight Saudi Basic Industries Corp gained 1.7 percent despite posting a 12.4 percent profit drop in the fourth quarter from a year earlier, citing lower average selling prices and a decrease in the share of results of associates.
Advanced Petrochemical increased two percent after posting an increase in its full year net profit. The company reported net profit after zakat and tax of 717 million riyals ($191.18 million) compared with 631.1 million riyals a year earlier. But Gulf Union Cooperative Insurance Co fell 2.1 percent. The firm said its shareholders approved a capital increase to 241.9 million riyals from 150 million riyals as part of its offer to buy Al Ahlia For Cooperative Insurance. Al Ahlia fell 1.8 percent.
In Dubai, the index rose 1.2 percent to enjoy its biggest one-day gain in a month, aided partly by a rise in its weak property stocks. Dubai Islamic Bank added 2.5 percent. The largest Islamic lender in the United Arab Emirates said its board will discuss its full-year earnings on Jan. 30.
The Emirate's largest listed-developer Emaar Properties was up 1.7 percent and DAMAC Properties closed 5.8 percent higher. The Egyptian blue-chip index was up 0.7 percent, helped by a 17.5 percent jump in Global Telecom Holding. The stock has been rising after its major shareholder VEON Ltd said it was considering taking it private.
The Abu Dhabi index added 0.6 percent, helped by First Abu Dhabi, United Arab Emirates' biggest lender, which increased 1.1 percent. International Holding jumped 7.4 percent after the firm said it would initiate discussions required for the acquisition of PAL Cooling. Qatar's blue-chip index increased 0.3 percent as real estate firm, United Development Company was up 3.2 percent.
But Doha Bank slipped six percent, reporting a decline in its full-year net profit.