Mideast Stocks: Saudi leads Gulf stocks higher; Egypt extends rally to record high
12/01/2026 13:39
Updates for closing prices By Md Manzer Hussain BENGALURU, Jan 12 (Reuters) - Gulf stock markets mostly rose on Monday, with Saudi Arabia extending gains for a third straight session and Dubai climbing to its highest level since 2008, as investors took heart from property-related announcements and looked ahead to fourth-quarter earnings. Saudi Arabia's benchmark stock index .TASI gained 1.3%, with broad-based advances led by materials, real estate and communication services. Saudi Arabian Mining Co 1211.SE rose 4.7% and Dar Al Arkan Real Estate 4300.SE jumped 7.5%, its biggest intraday rise in nearly four months, after its international arm Dar Global DARD.L said it would launch two Trump-branded luxury projects in Riyadh and Jeddah with a combined value of $10 billion, according to CEO Ziad El Chaar. "Sentiment had already been lifted last week by the announced stock market opening to foreign ownership, but momentum accelerated today following Dar Global's announcement as the country also opens in (the) property market," said Joseph Dahrieh, managing director at Tickmill. Dubai's benchmark stock index .DFMGI advanced 0.7% to 6,268, a fresh high since 2008, supported by gains in materials and communication shares. Emaar Properties EMAR.DU climbed 1.4% and tolls operator Salik SALIK.DU rose 2.7%. "The market retains solid fundamentals that support a positive outlook, with upcoming Q4 earnings serving as the next potential boost," Dahrieh said. The Qatari benchmark index .QSI rose 0.7%, extending gains for a second day. Qatar Islamic Bank QISB.QA added 1.1% and Qatar Gas Transport QGTS.QA increased 1.4%. The Abu Dhabi benchmark index .FTFADGI ended flat as gains in utilities, telecom and technology offset losses elsewhere. ADNOC Gas ADNOCGAS.AD fell 1.2%, while Abu Dhabi National Energy Company TAQA.AD rose 1.3%. Masdar, jointly owned by TAQA, ADNOC and Mubadala, said on Sunday it had signed a power purchase agreement for a solar project in Angola. Outside the Gulf, Egypt's blue-chip index .EGX30 gained 1.2% to a record close of 43,404, extending its advance to a fourth session. Commercial International Bank COMI.CA surged 6.1% and Misr Fertilizers Production Co MFPC.CA added 2.5%. Separately, Egypt's core inflation eased to 11.8% year-on-year in December from 12.5% in November, the central bank said on Sunday.
| SAUDI ARABIA | .TASI advanced 1.3% to 10,745 |
| KUWAIT | .BKP lost 0.5% to 9,344 |
| QATAR | .QSI up 0.7% to 11,163 |
| EGYPT | .EGX30 rose 1.2% to 43,404 |
| BAHRAIN | .BAX ended flat at 2,047 |
| OMAN | .MSX30 up 0.5% to 6,193 |
| ABU DHABI | .FTFADGI ended flat at 10,008 |
| DUBAI | .DFMGI rose 0.7% to 6,268 |