DUBAI: Rising oil prices and surging global markets spurred gains on most Gulf Arab markets on Wednesday. Saudi Arabia’s index closed 1.6 percent higher — after climbing to a new year high in late trading — buoyed by Kingdom Holding’s 6.1 percent surge.
Kingdom Holding said on Tuesday it was in discussions on joint investment opportunities with India’s Tata Group.
“Oil prices have moved a significant amount, and this was a trigger for the market to start moving,” said Moussa Haddad, head of trade for discretionary market and asset management at National Bank of Abu Dhabi.
Al Jazira Bank ended 0.7 percent lower despite posting a 14-percent rise in net profit in the period.
World stocks extended 12-month highs hit on Wednesday after results from JPMorgan Chase & Co. boosted investor optimism over an economic recovery.
Dubai and Abu Dhabi both ended higher on the back of positive investor sentiment. Dubai’s index closed more than 3 percent higher. Real estate heavyweight Emaar Properties surged 6.5 percent to a 49-week high.
Arabtec surged 4.2 percent to a 51-week closing high. It was highlighted in a Goldman Sachs report this week. Ten Dubai stocks added more than 3 percent.
Abu Dhabi’s measure closed 0.2 percent higher. Arkan Building Materials Co. closed up 7.2 percent. Abu Dhabi Commercial Bank rose 3 percent while First Gulf Bank ended 1.3 percent higher.
Qatar’s index eased 0.02 percent. Qatar Gas Transport Co. (Nakilat) eased 0.8 percent despite posting a 70 percent rise in third-quarter net profit. Industries Qatar saw a 55 percent decline in net profit in the third quarter but shares gained 1.3 percent.
“Once Q3 results are over, we’ll see renewed interest in the market,” said Rami Sidani at Schroders Middle East.
Oman’s index closed up 0.2 percent. Volumes remained low, however.