Gulf investors shrugged off Moody’s Investors Service ratings cut by one notch on Japan’s government debt on Wednesday. Saudi Arabia’s index rose 1 percent in a healthy rise ahead of a holiday that stretches over a time of uncertainty in global markets. The Tadawul All-Share Index (TASI) closed 58.57 points higher at 5,979.30.Petrochemical stocks rose on strong fundamentals. Bellwether Saudi Basic Industries Corp. (SABIC) climbed 0.8 percent and Saudi Kayan Petrochemicals advanced 2.5 percent. The petrochemical index accounted for nearly half the turnover in the market and climbing 0.8 percent. Saudi Arabia’s bourse is closed from Aug. 25 for Eid Al-Fitr holidays. Egypt’s index also rose, closing 0.7 percent higher, while taking support from world stocks. Egyptian Electrical Cables grabbed the most volumes, climbing 1.9 percent and heavyweight Telecom Egypt rose 1.6 percent. Commercial International Bank advanced 2.9 percent. In UAE, property stocks dragged down Dubai’s index despite news from developer Nakheel on a sukuk issue that was expected to lift investor sentiment. Dubai’s Nakheel will issue the first tranche of a 4.8 billion dirhams ($1.31 billion) Islamic bond to trade creditors on Thursday, its chairman said, as part of a complex debt restructuring underway since 2009. Contractor Arabtec, one of Nakheel’s trade creditors, weighed on the index with a 1.5 percent fall and Emaar Properties slipped 0.4 percent. “This thing has been long anticipated, it is supposed to be good news for developers who deal with Nakheel,” said an Abu Dhabi-based trader who asked not to be identified due to company policies. “The market is taking a holiday. When we’ve all come back from Eid, this will be seen positively. This is one more thing Nakheel has done to put its finance house in order.” The benchmark ended 0.1 percent lower, extending its 2011 losses to 10.6 percent. Meanwhile, Abu Dhabi’s index added 0.2 percent in its third-straight gain. Telecoms operator Etisalat climbed 0.5 percent, after it appointed Ahmad Abdulkarim Julfar to a newly-created group chief executive role.Aldar Properties supports, rising 0.8 percent. Elsewhere, Qatar’s benchmark ended lower by 0.2 percent at 8,109 points, but held above the support of 8,000 levels. Large-caps weighed with Qatar National Bank slipping 0.2 percent, Industries Qatar retreating 0.5 percent and Qatar Telecom falling 2.5 percent. Elsewhere, Oman’s index ended 0.5 percent higher, recovering Tuesday’s losses. Volumes hit a near three-month high. Renaissance Services led gains by turnover, closing 1.9 percent higher, as investors picked up the bluechip at attractive price. The oil services firm hit a near two-year low, after it uncovered fraud at its unit Topaz and reported a 77 percent drop in first-half net profit. “The market is clearly in the oversold region, we need some trigger to see the momentum,” said Kanaga Sundar, Gulf Baader Capital Markets head of research. “Today it came in the form of positive global sentiment and also the bottom fishing, (investors) looking at value buying in blue chips.” Oman International Bank climbed 1.6 percent.