DUBAI: 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 climbed 2.7%, closing at its highest since February 2018, lifted by a 4.1% jump in Emaar Properties after it reported a sharp rise in quarterly profit. Dubai Financial Market surged 14.7%, rising for a ninth session in eleven.
Dubai plans to list its "Salik" road toll system on the Dubai Financial Market, the emirate's deputy ruler, Sheikh Maktoum Bin Mohammed, said on Twitter on Saturday. 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 soared 15% after reporting that its quarterly profit almost doubled, and Amlak Finance closed up 14.9% as it swung to quarterly profit. Saudi Arabia's benchmark index declined 0.6%, weighed by Saudi National Bank and Al Rajhi Bank , 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 US Strategic Petroleum Reserve to cool prices.
In Abu Dhabi, the index fell 0.3%, retreating from record highs, hit by a 0.7% fall in International Holding. The Qatari index gained 0.1% after petrochemical maker Industries Qatar rose 0.7%.
Outside the Gulf, Egypt's blue-chip index 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.
SAUDI ARABIA fell 0.6% to 11,837
ABU DHABI dropped 0.3% to 8,269
DUBAI rose 2.7% to 3,255
QATAR added 0.1% to 11,979
EGYPT lost 1.4% to 11,497
BAHRAIN eased 0.1% to 1,781
OMAN rose 0.7% to 4,031
KUWAIT declined 0.6% to 7,818.
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