"Today’s price action demonstrates that despite the geopolitical risks, investors remain in a buy-the-dip mode in the Gulf Cooperation Council."
Brent crude oil LCOc1 closed Friday at $72.58 a barrel, near multi-year highs. This gave support to the petrochemical sector in Saudi Arabia, where the main stock index .TASI rose 1.9 percent on Sunday. Nama Chemicals was the best performer, up 10 percent.
Blue chip Saudi Basic Industries 2010.SE added 1.8 percent and Saudi Kayan Petrochemical was up 2.7 percent.
Advanced Petrochemical 2330.SE fell in early trade but rebounded to close 2.3 percent higher. The company estimated first-quarter net profit fell to 98 million riyals ($26.13 million) from 124.4 million riyals a year earlier, as sales declined 4.2 percent; analysts surveyed by Reuters had on average forecast profit of 124 million riyals.
The Abu Dhabi index rose 1.0 percent, lifted by energy producer Dana Gas, up 2.2 percent, and real estate developer Aldar Properties ALDR.AD , which added 2.9 percent.
Dana said in late March it would seek shareholder approval to pay a dividend for 2017, its first in years. At the weekend, it published on its website a report by Al-Khaleej newspaper saying "the Board can also now continue to recommend dividends in future years".
Aldar Properties rose 2.9 percent after raising its foreign ownership limit to 49 percent from 40 percent. The change may not lead to an immediate rise in actual foreign ownership -- non-Arab foreigners now hold 25.66 percent of the company -- but it may boost the stock's weighting in emerging market indexes.
In Dubai, where the index added 1.8 percent, amusement park operator DXB Entertainment DXBE.DU gained 1.4 percent. The stock started rising last week after it announced an increase in visitor numbers to its facilities in the first quarter of this year.
Retailer Marka was the worst performer, plunging 10 percent after saying it would ask shareholders on April 30 to approve a capital reduction in order to extinguish accumulated losses of 450 million dirhams ($122.6 million), then issue new shares.
Real estate developer Deyaar rose 2.2 percent after reporting a 25 percent rise in first-quarter net profit, as revenue rose 24 percent; in full-year 2017, profit shrank 40 percent.
The Kuwaiti and Omani markets were closed for public holidays.
* The index gained 1.9 percent to 7,973 points.
* The index climbed 1.8 percent to 3,151 points.
* The index rose 1.0 percent to 4,699 points.
* The index shed 0.3 percent to 8,892 points.
* The index lost 0.2 percent to 17,589 points.
* The index edged up 0.1 percent to 1,292 points.
(Editing by Andrew Torchia and Sonya Hepinstall) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: email@example.com))