DUBAI: Saudi Arabia’s stock market rose in early trade on Monday after oil prices firmed, while real estate shares supported Egypt’s market.
The Saudi index climbed 0.7 percent in the first 15 minutes of trade as petrochemical blue chip Saudi Basic Industries gained 1.1 percent.
Most activity focused on second- or third-tier stocks, however, with property developer Al Andalus jumping 5.0 percent.
AlTayyar Travel rose 2.1 percent after the Capital Market Authority approved a small capital increase by the company which aims to finance an acquisition.
Egypt’s index added 0.7 percent as Palm Hills gained 1.3 percent. On Sunday, Egypt’s second-largest listed property developer reported a 128 percent jump in fourth-quarter net profit and proposed its first cash dividend, though the stock closed flat in its initial reaction to the news.
Among other real estate firms, Talaat Mostafa rose 1.0 percent and Emaar Misr climbed 1.3 percent.