Saudi market closes more than 2.5% higher

GULF STRENGTH: UAE stock markets have been boosted by strong global markets and rising oil prices. (Getty Images)

Saudi Arabia's bourse closed 2.62 percent higher led by Saudi Basic Industries Corp (SABIC) which rose 4.95 percent and Al-Rajhi Bank which climbed 2.14 percent.

The index ended at 5,180 points.

"International stock markets and the higher oil price are affecting Saudi," said Ibrahim al-Alwan, deputy chief executive at KSB Capital.

Lebanon's BLOM stock index gained 0.61 percent to 1,1184 points in lacklustre trading, led by market heavyweight Solidere. The developer's A share rose 2.23 percent to $16.90 and its B share climbed 1.85 percent to $17.02.

Dubai's benchmark surged to close 7.76 percent higher, its biggest one-day gain since Nov. 17

Followed by a smilar move in Abu Dhabi's benchmark that closed 5.68 percent higher at 2,525 points, its largest one-day gain since Oct. 14.

In Dubai the sruge was led by Emaar Properties which jumped 14.6 percent and Dubai Islamic Bank that rallied 14.46 percent. The index ended at 1,763 points.

In Abu Dhabi it was led by Etisalat which climbed 9.77 percent and National Bank of Abu Dhabi which jumped 9.93 percent.

Trading on the bourse was extended until 10.40 GMT after a delayed start due to a technical glitch.

Qatar ended lower on profit-taking after six days of higher closes. Commercial Bank of Qatar closed 7.55 percent lower and Industries Qatar fell 5.12 percent as the country's index dropped 3.76 percent to 6,675 points.

Kuwait's index ended 1.74 percent lower at 7,477 points led by Zain which fell 6.33 percent.

Bahrain closed 0.05 percent higher at 1,792 points.

Oman's bourse closed lower weighed down by losses in banking shares after rising for three trading days. Muscat's benchmark closed down 0.83 percent at 5,660 points as Bank Muscat fell 3.91 percent and National Bank of Oman 6.49 percent.

"We have seen some profit-taking today after yesterday's surge, especially in the banking sector," said Adel Nasr, local brokerage manager at United Securities in Muscat.

Asian stocks hit two-month highs earlier in the day leading experts to predict that the Arab Gulf markets would do the same. (Reuters)

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