DUBAI: Most Gulf stock markets closed higher on Tuesday, with Dubai ending at its strongest level in almost two decades, as investors looked ahead to earnings and absorbed softer oil prices.
Saudi stocks, however, were flat to slightly lower, weighed by profit-taking after the recent rally.
Dubai’s main share index gained 0.5 percent, led by a 0.7 percent rise in blue-chip developer Emaar Properties and a 0.8 percent increase in utility firm Dubai Electricity and Water Authority.
Further gains are possible if fourth-quarter earnings reports lift sentiment. Strong results could add momentum to a market that’s already underpinned by healthy fundamentals and upbeat growth expectations for the year, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.
Saudi Arabia’s benchmark index concluded flat after a 3.3 percent rally last week triggered by the government’s announcement that it would liberalise capital market access for foreign investors, starting next month.