The Saudi stock market climbed to its highest level in three months on Tuesday while other major Middle Eastern markets, except Dubai, were subdued.
The Saudi index inched up 0.2 percent, with Al Rajhi Bank and Riyad Bank both adding 0.3 percent.
Nama Chemicals jumped 6.2 percent in active trade after the Capital Market Authority approved a request to increase the company’s capital through a rights issue valued at 200 million riyals ($53.32 million).
The Dubai index, which was the worst performing major Middle Eastern stock market in local currency terms last year, gained for a fourth straight session, rising 0.6 percent.
Residential real estate prices in Dubai could fall by 5-10 percent in 2019, weakened by new supply, a strong dollar and lower oil prices, the Middle East chief executive of Savills said on Monday.
Dubai’s oversupplied property market has steadily fallen since a mid-2014 peak, hurting earnings of the emirate’s top developers and forcing construction and engineering firms to cut jobs and halt expansion plans.
But Dubai’s real estate shares, along with its financial stocks, boosted the index.
Dubai Investments added 2.3 percent after saying that its Fujairah business centre project was set to be completed ahead of schedule.
Developer Deyaar gained 7.1 percent and Arabtec rose 2.9 percent.
In Abu Dhabi, the index edged down 0.2 percent, with Abu Dhabi Commercial Bank falling 1 percent and Aldar Properties shedding 0.6 percent.
Qatar’s index fell 0.2 percent, pulled down by financial heavyweights Qatar National Bank and Commercial Bank, which lost 0.6 percent and 1.7 percent, respectively.
($1 = 3.7506 riyals)
(Reporting by Abinaya Vijayaraghavan and Ateeq Shariff in Bengaluru, editing by Davide Barbuscia and Louise Heavens) ((email@example.com; within U.S.+1 646 223 8780; outside U.S. +91 80 6749 2733; Reuters Messaging: firstname.lastname@example.org))