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 (.TASI), opens new tab gained 1.3%, with broad-based advances led by materials, real estate and communication services.
Saudi Arabian Mining Co (1211.SE), opens new tab rose 4.7% and Dar Al Arkan Real Estate (4300.SE), opens new tab jumped 7.5%, its biggest intraday rise in nearly four months, after its international arm Dar Global (DARD.L), opens new tab said it would launch two Trump-branded luxury projects in Riyadh and Jeddah with a combined value of $10 billion, according to CEO Ziad El Chaar.
"Sentiment had already been lifted last week by the announced stock market opening to foreign ownership, but momentum accelerated today following Dar Global's announcement as the country also opens in (the) property market," said Joseph Dahrieh, managing director at Tickmill.
Dubai's benchmark stock index (.DFMGI), opens new tab advanced 0.7% to 6,268, a fresh high since 2008, supported by gains in materials and communication shares. Emaar Properties (EMAR.DU), opens new tab climbed 1.4% and tolls operator Salik (SALIK.DU), opens new tab rose 2.7%.
"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 (.QSI), opens new tab rose 0.7%, extending gains for a second day. Qatar Islamic Bank (QISB.QA), opens new tab added 1.1% and Qatar Gas Transport (QGTS.QA), opens new tab increased 1.4%.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab ended flat as gains in utilities, telecom and technology offset losses elsewhere.
ADNOC Gas (ADNOCGAS.AD), opens new tab fell 1.2%, while Abu Dhabi National Energy Company (TAQA.AD), opens new tab rose 1.3%. Masdar, jointly owned by TAQA, ADNOC and Mubadala, said on Sunday it had signed a power purchase agreement for a solar project in Angola.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 1.2% to a record close of 43,404, extending its advance to a fourth session. Commercial International Bank (COMI.CA), opens new tab surged 6.1% and Misr Fertilizers Production Co (MFPC.CA), opens new tab added 2.5%.
Separately, Egypt's core inflation eased to 11.8% year-on-year in December from 12.5% in November, the central bank said on Sunday.
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