Entering the last trading week of May which witnessed major declines, stock market indexes in Gulf Arab countries bounced back on Tuesday as the sharp oil price drop was briefly halted.

"Sell in May and go away" was the slogan of investors at stock exchanges from Riyadh to Dubai at the start of the week, triggered by a sharp decline in the price of oil (Brent) following major suppliers including Saudi Arabia and Russia hinted last Friday to distribute large quantities of oil into market.

But Tuesday's trading session brought a sigh of relief to Gulf Arab stock markets, as the Abu Dhabi equity market gauge ADXGI was up 0.61 percent to reach 4,575.16, while the Saudi Tadawul All-Share Index closed 0.46 percent higher at 7,999.59, ending a four-day losing streak.

Both the emirate of Abu Dhabi and Saudi Arabia are major oil suppliers, and oil price stabilized early Tuesday between 75 to 76 U.S. dollars per barrel.

Shares of Abu Dhabi National Energy Corporation, known as Taqa, increased by 1.64 percent. SABIC, the Saudi petrochemical giant, surged 1.65 percent.

In addition, Saudi Tadawul announced enhancement to its opening and closing price mechanism, said Nasser Saidi, former chief economist of the Dubai International Financial Center, in his weekly assessment released earlier this week.

In Kuwait, which gains 95 percent of its fiscal budget from oil exports, the KSE Premier Market Index finished 0.43 percent higher at 4,712.14.

Earlier on Sunday, Egyptian investment bank EFG Hermes said it expects the Saudi stock exchange to be upgraded to the level of "emerging market" by global index developer MSCI by next month.

In Oman, the Muscat Securities Market's MSM-30 Index added 0.15 percent to end at 4,598.13.

The Dubai financial market failed to join the rebound and closed 0.17 percent lower at 2,924.94. Dubai's biggest bank Emirates NBD lost 1.46 percent as global lenders retreated amid growing worries about the state of the emerging markets, according to Saidi.

"Two emerging market crises in Argentina and Turkey are yet to generate broader effects, while the main focus of global investors remains on the trade war," said Saidi.

"Last week Trump opened another front (of trade war), launching a national security probe into motor vehicle imports, which might imply new tariffs on cars produced in Europe, Japan and South Korea," he added.