DUBAI: 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.
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