#Dubai hits near 4-year high after Emaar's strong earnings | Reuters

Dubai hits near 4-year high after Emaar's strong earnings | Reuters

Dubai's stock market outperformed its Gulf peers on Monday, hitting its highest level in nearly four years, after robust earnings from blue-chip developer Emaar Properties.

Meanwhile, the Saudi index was in the red due to lower oil prices.

Dubai's main share index (.DFMGI) climbed 2.7%, closing at its highest since February 2018, lifted by a 4.1% jump in Emaar Properties (EMAR.DU) after it reported a sharp rise in quarterly profit.

Dubai Financial Market (DFM.DU) surged 14.7%, rising for a ninth session in eleven.

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Investors are optimistic after a second IPO was announced by the government and the initiative is starting to create a dynamic in the private sector, said Wael Makarem, senior market strategist at Exness.

Among other gainers, Deyaar Development (DEYR.DU) soared 15% after reporting that its quarterly profit almost doubled, and Amlak Finance (AMLK.DU) closed up 14.9% as it swung to quarterly profit.

Saudi Arabia's benchmark index (.TASI) declined 0.6%, weighed by Saudi National Bank (1180.SE) and Al Rajhi Bank (1120.SE), which fell 2% and 0.4%, respectively.

Crude prices fell on expectations of increasing supply, while higher energy costs and rising COVID-19 cases are also seen weighing on demand.

Oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.

In Abu Dhabi, the index (.ADI) fell 0.3%, retreating from record highs, hit by a 0.7% fall in International Holding (IHC.AD).

The Qatari index (.QSI) gained 0.1% after petrochemical maker Industries Qatar (IQCD.QA) rose 0.7%.

Outside the Gulf, Egypt's blue-chip index (.EGX30) shedding 1.4%, as most of the stocks on the index declined.

The Egyptian bourse retreated on inflation fears, said Makarem, adding that investors could take profits over the short term.