Gulf shares gained, led by Saudi Basic Industries Corp. and Aramex PJSC, as oil traded near a 14- month high and foreign investors returned.
Saudi Basic, the world’s largest petrochemicals maker known as Sabic, closed at its highest in more than a year. Aramex, the transportation-service provider, advanced for a second day. Saudi Arabia’s Tadawul All Share Index added for a fifth day, climbing 0.4 percent to 6,260.9. The DFM General Index rose less than 0.1 percent and Qatar’s DSM 20 Index increased 0.4 percent.
“Saudi went into a bit of a drift in December and now investors are stepping in given stronger oil and the continued strong macro backdrop,” said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. “International investors were generally under-invested in the fourth quarter” in Dubai.
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