Saudi market closes at highest level in 6 months

EARLY GAINS: The markets are up on early trading. (Getty Images)

Saudi Arabia's bourse rose 1.38 percent to close at its highest level in more than six months, led by Saudi Basic Industries Corp (SABIC) which rose 2.26 percent and Al Rajhi Bank which climbed 1.79 percent.

The kingdom's index ended at 6,063 points, rising for a third trading day.

Strength in global stocks and oil prices helped boost most Gulf Arab bourses.

Bahrain was the only market to close lower.

Dana Gas closed 6.38 percent higher, its highest close in more than six months, and helps steer Abu Dhabi's bourse higher.

The firm said it was part of a consortium planning to export enough gas from the Kurdish region of northern Iraq to supply the first phase of the Nabucco pipeline to Europe.

The emirate's index rose 0.91 percent to 2,616 points.

First Gulf Bank advanced three percent.

In Dubai, the benchmark gained 1.16 percent to 1,665 points, led by Emaar Properties which climbed 2.72 percent and Arabtec which gained 3.15 percent.

Bahrain's Gulf Finance House ended 9.17 percent lower after it posted a loss of $37.7m in the first quarter.

Bourses in Qatar and Kuwait both rise.

Gulf Finance House's shares in Kuwait fell 7.69 percent.

Bahrain's bourse ended 1.29 percent lower at 1,631 points.

Qatar's index closed 1.98 percent higher at 6,688 points led by Industries Qatar which climbed 2.27 percent and Qatar Gas Transport Co (Nakilat) which gained 4.28 percent.

Kuwait's index rose 0.24 percent to 7,746 points, led by Mobile Telecommunications Co (Zain) which advanced 1.28 percent.

Saudi Arabia's bourse climbed for a third trading day, lifted by strength in oil prices and rising global stocks.

Saudi Basic Industries Corp(SABIC) and Al Rajhi Bank led the rally, climbing 3.02 percent and 2.86 percent respectively.

"(The rise) is reflecting what happened in the U.S. and the world and oil prices are getting more stable," said Abdullah Al Rashood, chief executive of KSB Capital.

"We are getting more good news and less bad news."

Asian stocks climbed to their highest level in seven months earlier on Tuesday and US stocks also rallied on Monday.

Oil rose above $60 a barrel, extending gains from a six-month high settlement a day earlier.

Saudi Basic Industries Corp (SABIC) and Al Rajhi Bank led the kingdom's benchmark higher in early trading, rising 3.4 percent and 2.5 percent respectively.

The bourse climbed 1.75 percent to 6,085 points, rising for a third trading day.

Banks led Oman's index to a higher close as investors took heart from a rally global stocks. Strength in oil prices also boosts sentiment.

Oman International Bank rose 3.19 percent and Bank Muscat 0.83 percent.

The country's bourse advances for a second trading day, closing 1 percent higher at 5,440 points.

Qatar's benchmark rose 2.05 percent to 6,693 points.

"Qatar is probably one of the cheapest markets in the region and has the strongest fundamentals," said Shahid Hameed, head of asset management at Global Investment House in Kuwait.

"I think it will continue to lead the region for the time being."

Industries Qatar and Barwa Real Estate rose in early trading as Qatar's bourse climbed 2.08 percent to 6,695 points.

Industries Qatar advanced 3.13 percent and Barwa gains 3.05 percent.

Qatar rose in line with most other Gulf Arab bourses as strength in oil prices and global stocks boosts investor sentiment.

Kuwait and Bahrain traded lower.

Bahrain's bourse eased in early trading, led by Ahli United Bank which fell 3.51 percent.

The country's benchmark was off 0.53 percent at 1,643 points.

Earlier Kuwait, Mobile Telecommunications Co (Zain) was up 1.28 percent after it gained majority control of Palestine Telecommunications Co (Paltel) on Monday.

The benchmark gained 0.24 percent to 7,746 points, rising for a third trading day.

Dana Gas rose 4.26 percent in early trading, extending gains after its Kurdistan gas deal.

The firm said it was part of a consortium planning to export gas from the Kurdish region of northern Iraq to supply the first phase of the Nabucco pipeline to Europe.

The stock led Abu Dhabi's bourse 0.67 percent higher to 2,609 points.

Dubai's bourse gained 1.23 percent to 1,667 points led by Emaar Properties which rose 3.11 percent and Dubai Islamic Bank which climbed 1.29 percent. (Reuters)

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