Dubai - Most stock markets in the Gulf creeped upwards on Monday to recover some of the losses sustained over the weekend due to concern over the unrest in Egypt.
The Abu Dhabi Securities Exchange closed up 1.0% at 2 586.75 points, after it dropped 3.74% on Sunday.
Etisalat, the main telecom operator in the United Arab Emirates, which has operations in Egypt through its Etisalat Misr subsidiary, saw its shares recover 2.46% after falling 2.87% the day before.
In Dubai, the Dubai Financial Market index opened in the green, only to close 0.56% down. On Sunday, the index plunged more than 6% during trading before it closed 4.32% down.
Leading property developer Emaar closed down 1.93%, a modest drop compared to an 8.26% dive on Sunday.
The Kuwait Stock Exchange, the second-largest Arab bourse after Saudi Arabia, gained 0.55% after closing 1.76% down on Sunday.
In Doha, the Qatar Exchange index recovered 0.41% of its value after a 2.95% fall the previous day.
Meanwhile, average prices on the Saudi bourse were down 1% in late afternoon trading after gaining 2.47% on Sunday.
Riyadh's Tadawul All Share Index led the drop in Gulf markets on Saturday, plummeting 6.43%.
"Direct exposure to Egypt is an issue for some Saudi companies that have bought into Egyptian companies and established production facilities," said Jadwa Investment in a report.
Oman's Muscat Securities Exchange, which closed down 3.02% on Sunday, recoved by 1.41% on Monday.