Saudi rises on royal handouts

Dubai : Saudi Arabia’s stock market rose yesterday after King Salman announced a package of handouts for Saudi citizens to compensate for rising living costs, while Qatar was the strongest market in the region ahead of dividend announcements.

The Saudi index gained 0.6 per cent. Shares in most retail sector firms, which could benefit from the package’s boost to consumer spending power, rose with major retailer Jarir up 2.6pc to its highest since early
October.

Shares in Saudi petrochemical producer PetroRabigh climbed 2.0pc after the company said that of 12 units in its Phase II expansion, 10 had achieved production in line with specifications and the remaining two would start up in the current quarter.

Qatar’s index rose 1.4pc on the back of stocks including Barwa Real Estate, which gained 2.9pc, and major Islamic bank Masraf Al Rayan, up 4.3pc.

Markets in the United Arab Emirates were sluggish despite strength in global equities. Indexes in Dubai and Abu Dhabi both edged up 0.2pc although Dubai builder Arabtec, which had been trading near six-year lows, jumped 6.5pc in its heaviest trade since July after saying one of its units had won a 250 million dirham ($68 million) contract for work from blue chip Emaar Properties.

Egypt’s market was closed for a public holiday.