Gulf stocks rise; Emaar lifts Dubai

Gulf equities edged higher on Monday, trailing gains in Asian stock markets and as oil prices recovered from their initial decline.

“We do expect the market to watch keenly for the dividend reinvestment and also cues from the upcoming earnings season,” Gulf Baader Capital Markets said in a note.

Global market sentiments and oil prices will continue to be key drivers, the Oman-based investment firm added.

In Dubai, the main index outperformed regional peers as it jumped 1.4 percent to 3,539 points, with volumes improving to AED 466 million. The advance-decline ratio stood at 25-5.

Real estate stocks led the surge with blue chip Emaar Properties climbing 1.8 percent to AED 7.35. The developer had fallen yesterday after a fire broke out at its under-construction building in Dubai.

Union Properties was the most active stock, rising 2.5 percent to AED 1.02.

Abu Dhabi’s general index rose 0.4 percent to close at 4,467 points boosted by telecom and energy stocks. TAQA added another 9.6 percent to reach AED 0.57, after gaining 13 percent yesterday. Dana Gas was up 4.7 percent to AED 0.45.

Aldar Properties jumped 2.2 percent to AED 2.29. The developer is said to have awarded main contract for its Abu Dhabi-based project, Mayan.

Elsewhere in the region, Qatar’s QE index lost 0.5 percent to 10,344 points as Masraf Al Rayan slumped 3 to QAR 40.9. The bank’s shareholders have approved 20 percent cash dividend for 2016, along with approving the board’s proposal for issuing, if required, up to a maximum of $2 billion equivalent of Islamic sukuk.

Saudi Arabia’s Tadawul All Share Index flat towards closing hours.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com