Commercial Bank leads Qatar gains; Kuwait up

STOCK WATCH: Shares of Bank Muscat surged to a higher close for a second session. (Getty Images)

Shares of Commercial Bank of Qatar and Barwa Real Estate lifted Qatar's benchmark higher for a second consecutive session, while Kuwait's index also closed up.

Commercial Bank and Barwa gained 3.48 and 3.6 percent respectively. The index QSI rose 1.07 percent to 4,640 points.

Kuwait's index KWSE closed 0.62 percent higher at 6,627 points, led by Mobile Telecommunications Co (Zain) and National Bank of Kuwait, which climbed 2.44 percent and 1.85 percent respectively.

Bahrain's benchmark BAX added 0.28 percent to 1,585 points, driven by Gulf Finance House, which gained 1.72 percent.

Shares of Bank Muscat surged to a higher close for a second session on speculation it could sell a stake in an Indian bank lifting Oman's benchmark.

Gulf Baader Capital Markets said in a research note on Monday Bank Muscat could sell a stake in HDFC Bank before the end of the quarter. Bank Muscat holds a 2.67-percent stake in the bank, Gulf Baader said.

"It started yesterday. Everybody thinks it is about this bank (stake) sale in India, which is why the (Bank Muscat) stock is moving," says Muscat-based EFG-Hermes analyst Alaa El Din Moustafa.

Bank Muscat officials declined to comment when contacted by Reuters.

The stock ended 8.57 percent up, having gained more than 10 percent on Sunday.

The index MSI gained 0.1 percent to 4,681 points. (Reuters)

Saudi shares reversed early declines despite oil prices falling as much as three percent on news OPEC had resisted further production cuts.

Saudi Basic Industries Corp (SABIC) paced the gains, rising 0.53 percent.

Oil fell more than three percent on Monday to less than $45 a barrel as traders questioned whether OPEC's decision to enforce better compliance with previous curbs instead of new production cuts was enough to stem eroding demand.

"Any move in the oil price comes into play in the Saudi market," said Samer Al Jaouni, general manager at Middle East Financial Brokerage Co. "We will see some volatility there."

The index TASI gained 0.11 percent to 4,284 points. (Reuters)

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