Gulf stock markets started Tuesday on a positive note, with most indexes rising, led by the Saudi index that was boosted by gains in Saudi Telecom Company.
However, the Dubai index stood out as an exception, defying the regional upward trend.
Saudi Arabia’s benchmark index gained 0.5%, led by a 0.8% rise in Al Rajhi Bank, while Saudi Telecom Company (STC) jumped 4%.
STC Group, the kingdom’s largest telecoms operator, on Tuesday said it won a contract worth 32.64 billion riyals ($8.70 billion) from a government entity to build, operate and provide telecommunications infrastructure services.
The kingdom’s Capital Market Authority (CMA) on Monday said foreign investors will be permitted to invest in Saudi-listed real estate companies operating in Mecca and Medina from Jan. 27.
Jabal Omar Development Company, a real estate firm based out of Mecca, advanced 4.1%, on course to rise for a third consecutive session.
Most Gulf markets fall amid US trade concerns
In Abu Dhabi, the index added 0.2%. Oil prices - a catalyst for the Gulf’s financial markets - ticked up but hovered near a two-week low on Tuesday after weak economic data from China and warming weather forecasts elsewhere soured the demand outlook.
The Qatari benchmark was up 0.1%, helped by a 0.7% rise in the Gulf’s biggest lender Qatar National Bank. Dubai’s main share index fell 0.3%, hit by a 2.9% drop in Emaar Development and a 0.7% decrease in budget airliner Air Arabia.
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