Saudi Arabia's stock index rose in early trade on Monday, on track to extend a rebound from the previous session, while the Qatari index continued to fall.
The benchmark index in Saudi Arabia gained 0.5%, with oil giant Saudi Aramco advancing 1.5% after it reported an almost 82% rise in first-quarter net profit, broadly in line with analyst forecasts.
The kingdom also posted on Sunday a budget surplus of 57.49 billion riyal ($15.33 billion) for the first three months of 2022, bolstered by a 58% jump in oil revenue as prices surged.
Aramco, which is at par with Apple Inc as the world's most valuable company, reported a net income of $39.5 billion for the quarter to March 31, from $21.7 billion a year earlier.
Brent crude prices ended the first quarter up almost 70% to $107.91 a barrel from end of March 2021, as the Russian invasion of Ukraine exacerbated concerns over petroleum supplies.
In Qatar, the index fell 0.5%, stretching losses for a third session, hit by a 4.5% slide in Commercial Bank .
Most Gulf stock markets lost ground last week, reflecting investors' anxiety about fast-rising inflation that will drive a sharp rise in interest rates and put global economy growth at risk.
** Dubai and Abu Dhabi bourse were closed for a public holiday.
($1 = 3.7510 riyals)
(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V)