Saudi outperforms Gulf bourses, Egypt extends losses

Saudi Arabian shares ended higher on Tuesday, outperforming Gulf peers, buoyed by gains in banking shares, while property shares supported the Dubai index.

The kingdom's benchmark index rose 0.8%, with Al Rajhi Bank gaining 1% and Saudi Telecom Company advancing 2.8%.

Elsewhere, Saudi Chemical Company surged 10%, to become the top gainer in the index, after the firm signed a memorandum of understanding with the Russian Direct Investment Fund to provide coronavirus vaccine in the kingdom.

Dubai's main share index closed up 0.5%, driven by a 3.5% rise in Emaar Malls and a 0.7% increase in blue-chip developer Emaar Properties.

Shares in Emirates Integrated Telecommunications (du) advanced 1.7%, after the country's second largest telecoms company agreed to sell its 26% indirect stake in Khazna Data Centre for 800 million dirhams ($217.82 million), which will result in a net profit of 521 million dirhams.

In Abu Dhabi, the index slipped 0.1%, with the country's largest lender First Abu Dhabi Bank falling 0.7%.

Abu Dhabi National Oil Company for Distribution , which leapt 5.5% in the previous session, retreated 0.9%.

Abu Dhabi National Oil Company (ADNOC) completed a placement to institutional investors of 1.25 billion shares in ADNOC Distribution.

The Qatari index edged up 0.2%, helped by a 1.9% gain in petrochemical maker Industries Qatar.

Outside the Gulf, Egypt's blue-chip index eased 0.1%, weighed down by a 3% decline in Talaat Mostafa Holding.