Wednesday, 8 February 2012 at 19:08, Reuters
Saudi index ended higher by 0.8 per cent at 6,797 points, its highest close since May 2010. (REUTERS)
Saudi index ended at a 21-month high, as banking and petrochemical stocks lead a rally.
Samba Financial Group lead the gains, climbing 3 per cent. The lender reported a 4.9 per cent increase in its fourth quarter profits last month.
Other banks also advanced with Al Rajhi Bank gaining 0.7 per cent and Riyad Bank adding 1.3 per cent.
Petrochemical stocks also advanced, as oil prices rise.
Brent crude oil rose to six-month highs on Wednesday, propelled by falling inventories in the United States, optimism of a deal to bail out Greece and tension between Iran and the West.
Heavyweight Saudi Basic Industries Corp added 0.5 per cent.
The index ended higher by 0.8 per cent at 6,797 points, its highest close since May 2010.
UAE markets mixed
Emaar Properties climbed to a six-month high, lifting Dubai's index, as investors bet on good fourth-quarter earnings for the developer.
Emaar gained 3.2 per cent, ending at its highest close since August 4. The company will report its 2011 earnings in the next few days. Analysts polled by Reuters on average expect Emaar to post a 74 per cent increase in fourth-quarter profit.
"Good numbers are expected from Emaar and investors are also hoping for good dividends," said Nadi Bargouti, head of asset management at SHUAA Asset Management.
Arabtec dropped 1.5 per cent, trimming its 2011 gains to 67.3 per cent. Other property firms also fall with Deyaar down 2 per cent and Union Properties down 1.4 per cent.
The index ended 0.6 per cent higher at 1,482 points, a five-month high.
Abu Dhabi's index slipped 0.2 per cent to 2,465 points.
Qatar's index is near-flat.
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