Emaar, Emirates lift Dubai; petrochemicals aid Saudi

Dubai's stock market rose for the fourth straight session to a four-month high on Tuesday, lifted mainly by gains in heavyweights Emaar Properties and Emirates NBD, while petrochemical stocks buoyed Saudi Arabia.

The Dubai index closed 1.2 percent higher with Emaar Properties gaining 3.2 percent, while its largest lender Emirates NBD was up 2.4 percent, as one of its businesses will list on the London Stock Exchange.

"Our channel checks suggest foreigners have been accumulating Emaar. Also, it seems the stock had some favourable moves on technical charts. In banking, Emirates is seeing some interest on back of the IPO of its affiliate," Vrajesh Bhandari, senior portfolio manager at Al Mal Capital said.

"We have been positive on Dubai names since the beginning of the year, mainly on account of valuations," Bhandari said, adding that they expect the real estate market to be stable through the course of the year.

Payments processor Network International said shares in its initial public offering (IPO) would be priced between 395 pence and 465p each, implying a valuation of between 1.9 billion pounds and 2.3 billion ($2.5-3.0 billion).

Emirates NBD is the major shareholder in the firm, holding about 51 percent.

Shuaa Capital jumped 7 percent, to its highest since mid-December 2018. Abu Dhabi Financial Group is set to take over Shuaa in a reverse merger, two sources familiar with the matter told Reuters on Tuesday.

The Saudi index was up 0.4 percent, with Saudi Basic Industries gaining 0.8 percent and National Industrialization Co climbing 4.8 percent.

Oil prices hit a 2019 high above $69 a barrel, with Brent crude touching $69.50, the highest since mid-November.

Saudi International Petrochemical Co rose 1.2 percent. The firm appointed Abdullah Bin Saif Al-Saadoon as its chief executive and managing director.

The Egyptian blue-chip index rose 1.4 percent with Commercial International Bank adding 4.3 percent.

El Sewedy Electric increased 3.1 percent. On Monday, the firm said its consortium with Mitsubishi Hitachi Power Systems was awarded a contract worth about $550 million from the Sharjah Electricity And Water Authority.

In Qatar, the index added 0.5 percent, led by a 4.8 percent rise in Qatar Insurance, its biggest intraday gain in five months.

Mesaieed Petrochemical Holding rose 3.8 percent to its highest since August 2015. The firm is eligible for inclusion in MSCI's emerging market index in May, which is expected to result in passive inflows of $230 million, Arqaam Capital said in a note on Monday.

Kuwait's index rose 1 percent to its highest level since 2016, boosted by bank shares. National Bank of Kuwait added 1.1 percent and Ahli United Bank increased 1.6 percent.

Abu Dhabi's index traded flat with energy firm Dana Gas rising 2.1 percent. On Sunday the company said it had received $19 million from Egypt as a part of the government's efforts to reduce monies owed to zero in 2019.

SAUDI ARABIA  The index         rose 0.4 pct to 8,935 points

ABU DHABI     The index        was flat at 5,054 points

DUBAI         The index          gained 1.2 pct to 2,730

points

QATAR         The index        added 0.5 pct to 10,201 points

EGYPT         The index          was up 1.4 pct at 15,166

points

KUWAIT        The index        rose 1 pct to 6,064 points

OMAN          The index        dropped 0.5 pct to 3,940 points

BAHRAIN       The index        was up 0.2 pct at 1,404 points