Saudi stocks climbed on Sunday while most Middle East markets fell as investors weighed earnings after shares in developing economies rose to a record high last week.
Saudi Arabia’s Tadawul All Share Index advanced 1 percent, with Al Rajhi Bank and Saudi Telecom contributing the most to the increase. Benchmarks in the United Arab Emirates, Oman, Qatar and Egypt fell as much as 0.4 percent, while the index in Israel rose.
Shares in Saudi Arabia advanced in the wake of the MSCI Emerging Markets Index touching its highest level on optimism over fiscal stimulus in the US and coronavirus vaccine rollouts. Oil in London also climbed for a fourth straight week amid supply cuts by major producers and a recovery in US demand.
In Dubai, Damac Properties PJSC fell close to 5 percent and dragged down the main index after posting a loss in 2020. The company’s chairman said it’ll take at least one to two years for the UAE real estate market to get out of its downturn.
After the market closed, Emaar Properties PJSC reported a 58 percent slump in profit, while Abu Dhabi-based Aldar Properties PJS posted a profit that was almost unchanged from a year ago.