Saudi Arabia's stocks extended their gains alongside a surging oil price, while other Gulf markets missed Monday's global rally as major banks and property companies underwent selling pressure.
Saudi Arabia's benchmark index rose 1.4 per cent to 8,809 points, marking a third straight day of gains and getting the index back into positive territory for the year. The index had been on the backfoot as the kingdom widened travel and movement restrictions to battle the pandemic.
Lenders and energy stocks had the biggest boost with Al Rajhi advancing 21 per cent to SR76.8 and Saudi Basic Industries climbing 1.6 per cent to SR101.2. Sahara International Petrochemical Company pulled out 1.8 per cent after announcing one of its plants has resumed operations after scheduled maintenance.
Bank Albilad traded 2 per cent higher to SR28.7 adding to its gains after reporting a rise in its full-year results.
Property turns bearish
Dubai Financial Market pared early gains to trade lower by 0.9 per cent, sliding to a monthly low of 2,643 points after four days of a bearish run. All real estate stocks dropped with Emaar Properties shedding 1 per cent to Dh3.8. Top lender Emirates NBD also dropped 2.2 per cent to its biggest single-day loss since January.
Calling a halt
After zooming up the charts, Emirates Refreshments retreated 3.6 per cent to trade at Dh34.5 in its first drop this year after rising around 15 per cent. Its rise was such that it had gained 570 per cent, brought on by its plan to raise authorized capital and to diversify into real estate, construction, facility management, industrial and mining activities and healthcare.
Abu Dhabi Securities Exchange slipped 0.3 per cent to 5,656 points as real estate stocks weighed most on the index with Aldar Properties declining 3.1 per cent to Dh3.7, snapping a five day winning streak. The stock had risen in most sessions after winning a Government deal to develop projects worth a whopping Dh30 billion.
First Abu Dhabi Bank reversed morning gains edging back 0.3 per cent to Dh14.9. It mandated banks to set up investor calls starting on Monday as part of its plan to issue a debut euro-denominated bond.
Qatar Exchange dropped 0.5 per cent to 10,445 points as Doha Bank and Barwa Real Estate traded lower by 1.4 and 0.9 per cent, respectively, ahead of their full-year results.
Kuwait's premier index was down 0.5 per cent to 6,221 points under pressure from banking stocks with Ahli United Bank losing 0.4 per cent after reporting a 46 per cent plunge in the full-year results and failing to hand out dividends.