Saudi Arabia's stock index rose to a six-month high Saturday, closing above the 6,000 mark for the first time since Nov 5.
The Tadawul All Share Index gained 3.75 per cent to close at 6,019.69. Analysts said Saudi investors were responding to increases in oil prices and tracking the global stock market rally on Thursday and Friday.
Petrochemicals were the leading contributor, accounting for more than 45 per cent of the index's rise, followed by banking, which accounted for nearly 30 per cent.
Saudi Basic Industries, the world's largest chemical maker by market value, was the biggest gainer, rising to 63.25 riyals, followed by Saudi Kayan Petrochemical, which closed at 13.4 riyals.
Ahmed Sharewy, a deputy director at the brokerage house EFG-Hermes in Riyadh, said Saudi investors were further buoyed by what they saw in global markets on Friday.
The price of a barrel of oil on the New York Mercantile Exchange rose 3.4 per cent to US$58.63. Stock markets around the world, including in the Gulf, also saw healthy gains after Timothy Geithner, the US Treasury secretary, said on Wednesday that no US bank was insolvent.
"Saudi's market's performance today is all intertwined with the world oil prices and the stock markets around the world," Mr Sharewy said.
On Friday, the Dow Jones Industrial Average rose almost 2 per cent and London's FTSE 100 Index gained 1.44 per cent.
Other GCC markets, which, unlike the Tadawul, do not operate on Saturdays, saw gains on the last day of trading before the weekend.
Abu Dhabi's ADX General Index rose 1.1 per cent, Oman stocks recorded their biggest gain since April 22, increasing 2.6 per cent, the Kuwait Stock Exchange Index moved up 0.3 per cent and Bahrain's All Share Index gained 0.4 per cent.
The Dubai Financial Market was in negative territory, closing 0.7 per cent down.
Another factor drawing investors to the market is cheap share prices and the belief by many that stocks have reached their bottom.
"From the market intelligence that we are seeing, investors in the Gulf are buying." said Ingmar Burgardt, the managing director of the Abu Dhabi branch of the German wealth management company BHF Bank.
Saturday marked the eighth consecutive day that the Tadawul rose. The index has been on a bull run for much of the past two months.
Tadawul, like all other global markets, finished last year in negative territory. So far this year, it has gained about 25 per cent.
mjalili@thenational.ae
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
COMPANY%20PROFILE
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RESULTS
5pm: Maiden (PA) Dh80,000 1,400m
Winner: JAP Almahfuz, Fernando Jara (jockey), Irfan Ellahi (trainer).
5.30pm: Handicap (PA) Dh90,000 1,400m
Winner: AF Momtaz, Antonio Fresu, Musabah Al Muhairi.
6pm: Handicap (TB) Dh100,000 1,400m
Winner: Yaalail, Fernando Jara, Ali Rashid Al Raihe.
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami.
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: Dahess D’Arabie, Fernando Jara, Helal Al Alawi.
7.30pm: Maiden (PA) Dh80,000 2.200m
Winner: Ezz Al Rawasi, Connor Beasley, Helal Al Alawi.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
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COMPANY%20PROFILE
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Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
The five pillars of Islam
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The Outsider
Stephen King, Penguin