Saudi, Dubai Shares Rise to 2009-Highs on Higher Oil; Earnings

Saudi Arabian and Dubai shares advanced, with Saudi’s index closing at its highest level in a year, as crude prices gained and better-than-expected earnings spurred confidence the worst of the economic crisis is over.

Samba Financial Group, Saudi Arabia’s second-largest bank, climbed the most in two weeks after reporting a profit that beat analysts’ estimates. Saudi Chemical Co., the distributor of pharmaceutical drugs, and Qatar Electricity and Water Co. also rose on reported profit gains. Saudi Arabia’s Tadawul All Share Index added 1.6 percent to 6,449.81, the highest close since Oct. 18. The Dubai Financial Market General Index jumped 3 percent to 2,373.37, an 11-month high.

“The overall trend of earnings is better than expected and I don’t expect any big surprises,” said Mohamed Abu Ghoush, head of equity brokerage at Al-Ahli Bank in Doha. “Definitely oil above $74 is a very major factor for the GCC markets to gain today.”