According to Reuters media agency , Gulf stocks edged down in response to weak oil prices and international markets on Monday, but shares of Saudi Arabian property developers gained further on hopes they would benefit from the country’s economic reforms.
Dar Al Arkan Real Estate Development rose 2.3 percent to 6.60 riyals. The shares have been rising since the company announced last week it was in talks with the government to build homes under the kingdom’s economic reform programme.
The media agency added that the stock is now trading well above the mean price target, 5.94 riyals, of eight analysts polled by Reuters.
Emaar Economic City, the lead developer of King Abdullah Economic City, added 0.3 percent. It has also said it plans to help the housing ministry meet its target of building 1.5 million homes over the next seven or eight years.
But profit-taking in other shares pushed the main Saudi stock index down 0.1 percent after an hour of trade. Saudi Basic Industries, the largest listed stock, fell 0.3 percent.