Mideast Stocks: Saudi outperforms Gulf bourses, Egypt extends losses

SectorFinancial Markets
CountrySaudi Arabia

Saudi Arabian shares ended higher on Tuesday, outperforming Gulf peers, buoyed by gains in banking shares, while property shares supported the Dubai index.The kingdom's benchmark index rose 0.8%, with Al Rajhi Bank gaining 1% and Saudi Telecom Company advancing 2.8%.Elsewhere, Saudi Chemical Company surged 10%, to become the top gainer in the index, after the firm signed a memorandum of understanding with the Russian Direct Investment Fund to provide coronavirus vaccine in the kingdom. Dubai's main share index closed up 0.5%, driven by a 3.5% rise in Emaar MallsEMAA.DU and a 0.7% increase in blue-chip developer Emaar Properties.Shares in Emirates Integrated Telecommunications (du) DU.DU advanced 1.7%, after the country’s second largest telecoms company agreed to sell its 26% indirect stake in Khazna Data Centre for 800 million dirhams ($217.82 million), which ...read more...