Gulf markets mixed; real estate stocks lift Saudi

Gulf stock markets were mixed on Sunday as Dubai ended slightly lower, while Saudi Arabia and Qatar recovered partially from losses recorded last week.

The Dubai Financial Market (DFM) index closed 0.1 percent lower at 3,490 points, with contractor Arabtec dipping 0.7 percent to AED 1.44.

On the other hand, logistics firm Aramex rose 3.9 percent to close at AED 4. Blue chip Emaar Properties edged up 0.1 percent to AED 7.05.

Elsewhere in the UAE, Abu Dhabi’s index lost 0.4 percent. Dana Gas fell 1.8 percent to AED 0.55. However, Abu Dhabi National Energy Company (TAQA) climbed 5.9 percent to AED 0.54.

Saudi Arabia’s Tadawul All Share index last traded up 1.4 percent, after closing at a six-month low in the previous session. Real estate and construction stocks offered support with the sub-sector indices climbing 2.5 percent and 1 percent, respectively.

Saudi Real Estate Co. (Al-Akaria) was the top gainer, surging 9.8 percent to SAR 21.50. Al-Khodari and Red Sea Housing Services advanced by 9.6 percent and 6.6 percent, respectively, and Dar Al Arkan jumped 3 percent.

Petrochemical giant SABIC was flat at SAR 82. 5, while Al Rajhi Bank rose 1.7 percent to SAR 54.75.

Qatar’s index added 0.6 percent to rise to 11,197 points, with the total value of trade amounting to QAR 164.9 million. Qatar National Bank rose 1.5 percent to QAR 167.

Oil prices jumped on Friday and settled slightly higher, following a report from Iranian state TV which claimed that one of Saudi Aramco's oil facilities had been hit by Yemeni missiles. Brent crude ended the session up 0.5 percent at $49.92 per barrel (bbl), while WTI crude edged up 0.6 percent to $47.64/bbl.