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 percent, with broad-based advances led by materials, real estate and communication services.
Saudi Arabian Mining Co rose 4.7 percent and Dar Al Arkan Real Estate jumped 7.5 percent, 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 USD10 billion, according to CEO Ziad El Chaar.
Dubai’s benchmark stock index advanced 0.7 percent to 6,268, a fresh high since 2008, supported by gains in materials and communication shares. Emaar Properties climbed 1.4 percent and tolls operator Salik rose 2.7 percent.
“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 percent, extending gains for a second day. Qatar Islamic Bank added 1.1 percent and Qatar Gas Transport increased 1.4 percent.
The Abu Dhabi benchmark index ended flat as gains in utilities, telecom and technology offset losses elsewhere.
Outside the Gulf, Egypt’s blue-chip index gained 1.2 percent to a record close of 43,404, extending its advance to a fourth session. Commercial International Bank surged 6.1 percent and Misr Fertilizers Production Co added 2.5 percent.
Separately, Egypt’s core inflation eased to 11.8 percent year-on-year in December from 12.5 percent in November, the central bank said on Sunday.
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