Saudi Arabia's benchmark index advanced 1%, lifted by solid corporate earnings and reports of a strong pipeline of IPOs. The chairman of Saudi CMA said on Sunday that 23 companies are waiting to go public on the Tadawul Exchange, subject to market conditions amid what he called a very healthy pipeline of listings. Luxury home builder Retal Urban Development gained 1.1%, while hospital operator Sulaiman Al Habib jumped 3.3%. Riyad Bank surged 6.1% after the lender reported a 17% jump in full-year profit to 7.02 billion riyals ($1.87 billion).
Gains in heavyweight real estate and consumer sector stocks helped Dubai's benchmark stock index extend gains to the ninth session in a row as the index settled 0.5% higher. Among gainers, low-cost carrier Air Arabia jumped 3.5% ahead of reporting full-year earnings later in the day. The Dubai stock market could come under pressure if traders move to secure their gains after last week's increase, said Farah Mourad, senior market analyst at XTB MENA. In Abu Dhabi, the benchmark stock index dropped 0.2% to snap a 10-session winning streak, weighed down by a 0.3% decrease in conglomerate International Holding Company . Investment firm Multiply Group tumbled 4.5%. The Qatari stock index closed 0.5% lower, falling to a seven-month low. Petrochemical maker Industries Qatar declined 3.4% after it posted a 28% decrease in its fourth-quarter net profit on Friday. Outside the Gulf, Egypt's blue-chip index fell 0.4%, as digital payment firm Fawry For Banking Technology And Electronic Payment slipped 2.4%. SAUDI ARABIA rose 1% to 10,520 ABU DHABI down 0.2% to 9,931 DUBAI leapt 0.5% at 3,470 QATAR edged down 0.5% to 10,391 EGYPT down 0.4% to 17,215 BAHRAIN slipped 0.2% to 1,935 OMAN lost 0.4% at 4,740 KUWAIT down 0.3% to 8,200 ($1 = 3.7524 riyals) (Reporting by Mohd Edrees in Bengaluru; Editing by Devika Syamnath)
