Dubai | EcoPulse24

Gulf equity markets ended Monday's session with mixed performances, as Qatar outperformed regional peers with a 1.30% gain, while Saudi Arabia provided the strongest positive contribution to the regional benchmark, offsetting weakness in the UAE markets.

The proprietary Masadir GCC Pulse Beta closed 0.11% higher, with three of the five major Gulf exchanges advancing. However, the indicator remained in a "Divergent Market" regime, highlighting that investor sentiment continued to vary significantly across the region rather than moving in a unified direction.

Although Qatar delivered the strongest percentage gain, Saudi Arabia remained the largest driver of regional performance due to its heavier weighting within the Masadir methodology.

Gulf Markets at a Glance

Saudi Arabia Remained the Regional Anchor

The Saudi benchmark TASI gained 0.23%, closing at 10,741.99, while generating the largest positive contribution to the Masadir GCC Pulse at +0.1173 percentage points.

Trading activity exceeded SAR 3.95 billion, with liquidity concentrated in large-cap names including:

• Saudi Aramco

• Al Rajhi Bank

• Saudi National Bank

• Petro Rabigh

Banking stocks helped support the index, with Al Rajhi Bank rising 0.70% and Saudi National Bank adding 1.05%, partially offsetting declines in Petro Rabigh and Saudi Aramco.

Qatar Delivered the Strongest Market Performance

The Qatar Exchange led Gulf markets after climbing 1.30%, adding 0.0901 percentage points to the regional indicator.

The rally was supported by gains across multiple sectors rather than a single heavyweight stock.

Among the strongest performers were:

• Qatar Islamic Bank (+2.96%)

• Ooredoo (+3.59%)

• Investment Holding Group (+1.47%)

• Vodafone Qatar (+2.70%)

Meanwhile, QNB remained the market's most actively traded stock by value, despite finishing unchanged, suggesting continued institutional participation in Qatar's largest listed lender.

The broad participation across banking, telecommunications and selected industrial shares made Qatar's advance one of the healthiest sessions in the region.

UAE Heavyweights Weighed on Regional Performance

The Abu Dhabi Securities Exchange (ADX) fell 0.32%, making it the largest negative contributor to the Masadir GCC Pulse at -0.0632 percentage points.

Selling pressure was concentrated in heavyweight constituents rather than spread across the market.

Alpha Dhabi Holding declined 1.60%, while Abu Dhabi Commercial Bank lost 1.52%.

Offsetting part of those declines were gains in:

• Aldar Properties

• Abu Dhabi Islamic Bank

• Burjeel Holdings

• Lulu Retail

Trading value reached approximately AED 723 million, reflecting continued institutional activity despite the weaker close.

Dubai Pressured by Property Stocks

Dubai's benchmark slipped 0.30%, with total turnover reaching AED 446 million.

The decline was largely driven by several of the market's most actively traded companies.

Among the weakest large-cap stocks were:

• Emaar Properties (-1.08%)

• Emaar Development (-1.52%)

• Talabat (-4.27%)

• Air Arabia (-3.47%)

Emaar Properties alone accounted for more than AED 180 million in traded value, representing roughly 40% of the market's total turnover.

On the positive side, Emirates NBD rose 2.05%, providing partial support to the index, although its gains were insufficient to offset weakness across property and consumer-related shares.

Kuwait Ends Slightly Higher

Boursa Kuwait edged 0.10% higher, contributing 0.0094 percentage points to the regional indicator.

Trading remained relatively balanced, with activity led by:

• Oula Fuel Marketing

• Action Energy

• Mezzan Holding

The market maintained a stable tone but had only a limited influence on overall Gulf performance compared with Saudi Arabia and Qatar.

Masadir GCC Pulse

Regional Contributions

EcoPulse24 Analysis

Monday's session highlighted an important distinction between market performance and regional influence.

While Qatar posted the strongest percentage gain, Saudi Arabia remained the dominant driver of regional sentiment because of its significantly larger weighting within the Gulf equity universe. This illustrates why headline percentage moves alone often fail to capture the broader regional picture.

Conversely, weakness in the UAE was concentrated in heavyweight companies rather than reflecting broad-based selling. Both Abu Dhabi and Dubai experienced declines largely driven by a handful of highly influential stocks, while several mid-cap companies continued to advance.

The Masadir GCC Pulse therefore remained positive despite two markets finishing lower, suggesting that regional capital flows continue to favor selective opportunities rather than broad market exposure.

With the indicator remaining in a Divergent Market regime and only three of five exchanges closing higher, investors appear to be rotating capital between markets and sectors rather than positioning around a single Gulf-wide trend.

Methodology

This report combines official closing data from the Saudi Exchange (Tadawul), Abu Dhabi Securities Exchange (ADX), Dubai Financial Market (DFM), Qatar Exchange (QE), and Boursa Kuwait with the proprietary Masadir GCC Pulse Beta.

The Masadir GCC Pulse measures weighted regional market performance, market breadth, contribution by exchange, and cross-market dispersion to provide a consolidated view of Gulf equity sentiment beyond individual benchmark indices.