World equities gained and the euro rose on Wednesday as investors bet on the ability of Greece’s government to pass new austerity measured designed to prevent the country from going bankrupt.
“After the dip we had, people were looking for an excuse to buy and we’re getting it from (positive) international situation,” says a Riyadh-based fund manager.
“Key numbers start on Saturday and there’s been position building on that. People are expecting strong numbers, especially for petrochemicals.”
Saudi’s benchmark gained 0.7 percent to 6,576 points, up in four of past five sessions.
The petrochemical index rose 1 percent and the banking benchmark gained 0.7 percent.
Bellwether Saudi Basic Industries Corp. rose 1.2 percent and Al-Rajhi Bank climbs 0.7 percent.
Telecoms carrier Mobily climbed 1 percent, hitting a five-week high and extending gains since the carrier said it aimed to complete a tower sharing deal with Saudi Telecom Co. by year-end. STC ended flat.
UAE property stocks rallied after the oil exporter announces new visa rules to support the country’s ailing real estate sector.
Dubai’s index climbed 0.6 percent to 1,517 points, easing from Tuesday’s three-month low.
Declines in bank and telecoms stocks weighed on Abu Dhabi’s benchmark, which slipped 0.3 percent to 2,704 points, its lowest close since June 12. Carrier Etisalat dropped 0.9 percent and National Bank of Abu Dhabi dipped 1.4 percent.
UAE, Oman, and Kuwait markets will be closed on Thursday on for a religious holiday.
In Qatar, the benchmark climbs 0.5 percent to 8,335 points. Gainers outnumber loser 17 to three, with traders betting on strong second-quarter earnings, which will start to be announced next week.
Oman’s measure climbs 0.2 percent to 5,916 points, while Kuwait’s benchmark dips 0.2 percent to 6,212 points.
