Bengaluru —Gulf stock markets mostly rose on Monday, with Saudi Arabia extending gains for a third straight session and Dubai climbing to its highest level since 2008, as investors took heart from property-related announcements and looked ahead to fourth-quarter earnings.
Saudi Arabia’s benchmark stock index gained 1.3%, with broad-based advances led by materials, real estate and communication services.
Saudi Arabian Mining Co rose 4.7% and Dar Al Arkan Real Estate jumped 7.5%, its biggest intraday rise in nearly four months, after its international arm Dar Global said it would launch two Trump-branded luxury projects in Riyadh and Jeddah with a combined value of $10 billion, according to CEO Ziad El Chaar.
“Sentiment had already been lifted last week by the announced stock market opening to foreign ownership, but momentum accelerated today following Dar Global’s announcement as the country also opens in (the) property market,” said Joseph Dahrieh, managing director at Tickmill.
Dubai’s benchmark stock index advanced 0.7% to 6,268, a fresh high since 2008, supported by gains in materials and communication shares. Emaar Properties climbed 1.4% and tolls operator Salik rose 2.7%.
“The market retains solid fundamentals that support a positive outlook, with upcoming Q4 earnings serving as the next potential boost,” Dahrieh said.
The Qatari benchmark index rose 0.7%, extending gains for a second day. Qatar Islamic Bank added 1.1% and Qatar Gas Transport increased 1.4%.
The Abu Dhabi benchmark index ended flat as gains in utilities, telecom and technology offset losses elsewhere.
ADNOC Gas fell 1.2%, while Abu Dhabi National Energy Company rose 1.3%. Masdar, jointly owned by TAQA, ADNOC and Mubadala, said on Sunday it had signed a power purchase agreement for a solar project in Angola.
Separately, Egypt’s core inflation eased to 11.8% year-on-year in December from 12.5% in November, the central bank said on Sunday.
SAUDI ARABIA | advanced 1.3% to 10,745 |
KUWAIT | lost 0.5% to 9,344 |
QATAR | up 0.7% to 11,163 |
EGYPT | rose 1.2% to 43,404 |
BAHRAIN | ended flat at 2,047 |
OMAN | up 0.5% to 6,193 |
ABU DHABI | ended flat at 10,008 |
DUBAI | rose 0.7% to 6,268 |
($1 = 3.6728 UAE dirham)
Reporting by Md Manzer Hussain; Editing by Mrigank Dhaniwala and Shailesh Kuber – Reuters
