Major Gulf markets gain; ex-dividend stocks drag down Qatar

DUBAI: Most Gulf stock markets ended higher on Tuesday, led by gains in financial and property stocks, but the Qatari index was pressured by a slew of blue-chips trading ex-dividend.

Saudi Arabia’s benchmark index climbed 1.2%, outperforming the region, boosted by a 2.5% rise in Al Rajhi Bank and a 3.3% jump in National Commercial Bank, the kingdom’s largest lender. However, oil behemoth Saudi Aramco eased 0.1%.

In Qatar, the benchmark slid 1.4%, dragged down by a 4.7% fall in petrochemical firm Industries Qatar and a 4.8% decline in lender Masraf Al Rayan as the duo traded ex-dividend.

The shares of both companies saw their biggest intraday falls since March 9, 2020 when the region witnessed panic trading following a more than 20% plunge in oil futures after Saudi Arabia slashed prices as an OPEC deal collapsed. Dubai’s main share index gained 0.7%, with blue-chip developer Emaar Properties rising 1.7%, while Shariah-compliant lender Dubai Islamic Bank finished 0.8% higher. Elsewhere, Amanat Holding was up 0.7%, extending gains from the previous session. On Monday, the Dubai-listed healthcare company said it had bought long-term care specialist Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million from private equity firm TVM Capital Healthcare. In Abu Dhabi, the index added 0.8%, buoyed by a 1.8% gain in the country’s largest lender First Abu Dhabi Bank. Outside the Gulf, Egypt’s blue-chip index fell 0.4%, hit by a 0.6% fall in top lender Commercial International Bank Egypt.