Most of the major Gulf markets are up and Dubai is touching a 5-month high


                    (Reuters) - Most of the major Gulf stock markets rose on Sunday, with Dubai’s index touching its highest level in more than five months, led by gains from the emirate’s largest bank, Emirates NBD.                        </p><div><div data-swiftype-name="body" data-swiftype-type="text"><p>The Saudi index rose 0.7 percent, with Al-Rajhi Bank increasing by 1.6 percent and Riyad Bank up 3.3 percent.

Savola Group advanced 1.4 percent on the back of a strong second-quarter profit increase.

Dubai’s index closed up 1.3%, at its highest level since March 12, supported by gains in Emirates NBD, which rose 3.1%, while Dubai Islamic Bank rose 1.5%.

Emirates NBD is in preliminary discussions with Lebanon’s BLOM Bank regarding a possible acquisition of its stake in BLOM Bank Egypt.

Union Properties gave up early gains, closing down 0.9 percent after it reported 38.6 million dirhams ($ 10.5 million) in the second quarter, compared with a loss of 84.1 million dirhams a year earlier.

The Abu Dhabi index advanced 0.6%, as the country’s largest bank, First Abu Dhabi Bank, rose 1.1% and Etisalat rose 0.5%.

Outside the Gulf, the Egyptian index rose 1.6 percent, as 20 of its 30 stocks rose, including the Commercial International Bank, which rose 0.8 percent.