Most major Gulf equities edged higher on Monday after worries about a potential U.S.-Iran confrontation eased, while upbeat corporate earnings added to investor optimism.
Iran and the U.S. pledged to continue their talks, following what both sides described as positive discussions. That eased the concern that a failure to reach a deal might nudge the Middle East closer to war, as the U.S. has positioned more military forces in the area.
Dubai's benchmark stock index (.DFMGI), opens new tab extended its rally to a sixth straight session and rose 1.3% to 6,774, a fresh record high since 2006. Emaar Properties (EMAR.DU), opens new tab gained 2.8%, while Dubai Investments (DINV.DU), opens new tab climbed 4.3%.
"Dubai is currently benefiting from a perfect mix of high liquidity and sector-specific booms," said Samer Hasn, senior market analyst at XS.com.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab advanced 0.6%, led by consumer discretionary, consumer staples and real estate.
Aldar Properties (ALDAR.AD), opens new tab jumped 5.2% to 10.86 dirhams per share, its highest level in over 17 years. The blue-chip developer reported a 49% increase in fourth-quarter net profit and proposed a full-year cash dividend of 0.205 dirham per share, an increase of 10.8%.
Americana Restaurants International (AMR.AD), opens new tab surged 14.7%, the sharpest daily percentage jump since listing in 2022. The dual-listed operator posted a 38% rise in full-year net profit. On Sunday, it signed an agreement with a Lebanese quick-service restaurant brand Malak Al Tawouk (MAT), to operate and develop MAT in 13 markets.
The Qatari benchmark index (.QSI), opens new tab closed 0.8% higher with all of its constituents posting gains. Qatar Navigation added 3.2%, and United Development Co (UDCD.QA), opens new tab rose 3.9% after reporting higher full-year net profit.
Saudi Arabia's benchmark stock index (.TASI), opens new tab eased 0.2% with Saudi National Bank (1180.SE), opens new tab falling 1.6% and Saudi Arabian Mining Company (1211.SE), opens new tab shedding 0.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab inched up 0.5%, supported by a 2.7% jump in Eastern Company (EAST.CA), opens new tab and a 2.4% gain in Telecom Egypt (ETEL.CA), opens new tab.
Meanwhile, Egypt has signed a record $3.5 billion agreement to allocate 410 megahertz of new spectrum to its four mobile operators including Telecom Egypt, the cabinet said in a statement on Saturday.
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