Saudi Arabia's index was up 0.5% with Jabal Omar Development adding 3.9% in what was the biggest boost for the index. The developer and hospitality service provider rose in last six sessions after Saudi Arabia launched a new visa regime for 49 countries and appealed to foreign companies to invest in tourism sector.
National Shipping Co. (Bahri) surged 4.8% to its sharpest single-day percentage gain since Oct. 28 last year after the Ministry of Defence extended shipment contract with the firm for a year, increasing the total deal value to 421.7 million riyals ($112.5 million). Advanced Petrochemical gained 1.2% after reporting higher third-quarter profit, while AXA Cooperative Insurance jumped 5.7% after Saudi regulator approved its request for increasing the capital.
Improving the market sentiment was a potential ceasefire in Yemen after Saudi Arabia was reported considering a proposal by the Iran-aligned Houthi movement for some form of ceasefire which, if agreed, could bolster UN efforts to end a devastating war that has tarnished Riyadh's reputation. In Dubai, the index closed 0.7% higher, offseting earlier losses in the day. Dubai's top lender Emirates NBD rose 0.8% and Arabtec Holding jumped 4.7%.
The contractor said its unit Target Engineering won a 280 million riyals ($74.67 million) contract from oil giant Saudi Aramco. Amlak Finance soared 14.5% to its highest level since November 28 last year. The sharia-compliant finance company has risen in recent sessions following a court ruling that awarded 780 million dirhams ($212.36 million) in an arbitration.
Abu Dhabi's index edged up 0.2%, after four days of straight losses with market heavyweight First Abu Dhabi Bank gaining 0.5% and Aldar Properties increasing 1.5%. In Qatar, the index traded flat with Qatar Industries gaining 0.9%. Egypt's stock market was closed for a public holiday.