Egyptian shares made their largest one-day gain in more than nine years after the Muslim Brotherhood's Mohamed Mursi was named as the country's first freely elected president, while most Gulf markets slipped amid weak global cues.

Cairo's index surged 7.6 percent, its largest single-day rise since Feb. 2003, after Mursi's win was announced on Sunday, which boosted hopes for a violence-free transition from army rule.

Monday's rally is also the fourth biggest gain in the index's 14 year history.

Traders, however, were cautious, saying the market euphoria could quickly evaporate if the new president cannot form a government with broad political support.

"I wouldn't judge the market on one day. Let's wait for the rest of the week. One more speech and the market could drop," said Osama Mourad, CEO of Arab Finance Brokerage.