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Wed 4 Nov 2009 09:42 AM

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Saudi ends higher tracking global strength

UPDATE 3: Volatile trading in Emaar Properties continues as it ends 6.2% higher.

Saudi Arabia's bourse TASI closed higher in line with most regional markets which tracked strength in international shares.

Saudi Basic Industries Corp (SABIC) led gains, rising 2.5 percent while Al Rajhi Bank advanced 1.4 percent.

The kingdom's index rose 1 percent to 6,343 points.

"On a local level, fundamentals seem very sound, but the Saudi investor always has one eye on what happens abroad, and more specifically in the US," said Fouad Dajani, vice president at Credit Suisse Saudi Arabia.

"Fundamentally, there are so many decent opportunities if investors are prepared to keep positions for three to six months," said Dajani.

Volatile trading in Emaar Properties continued as the builder of the world's tallest tower ended 6.2 percent higher, helping boost Dubai's benchmark DFM.

The index rose three percent to 2,138 points, as financial shares also provided support.

Abu Dhabi rose in line with regional bourse strength, with the index ADI edging 0.1 percent higher to 2,951 points.

Aldar Properties climbed 2.3 percent.

Banks and telecoms lifted Kuwait's index KWSE, although bluechips saw little trading as investors focused on small-cap names.

Six of Kuwait's 10 largest stocks were unchanged. The exceptions were
National Bank of Kuwait (NBK)

, up 1.8 percent,
Boubyan Bank

, up 3.9 percent,

Kuwait Finance House

, with the latter pair both adding 1.7 percent.


announced some attractive numbers, but these haven't had an impact on the stock," said Fahad Al Bader, a research analyst for Noor Financial Investment Co in Kuwait.

Many of Kuwait's companies have yet to release their third-quarter earnings and this is weighing on the market, said Bader.

Kuwait's index climbed 0.1 percent to 7,248 points. It was down 7.3 percent since the end of September. (Reuters)

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