Saudi, Qatar Shares Rise on Global Gain, Oil; Sabic Advances - Bloomberg.com

Saudi Arabian and Qatari shares advanced as oil traded above $76 a barrel and global stocks gained on optimism in U.S. economic recovery.

Saudi Basic Industries Corp., the world’s largest petrochemical maker, rose to the highest intraday level in almost a month after signing a 3.75 billion-riyal ($1 billion) agreement. Qatar Islamic Bank gained 1.5 percent. Saudi Arabia’s Tadawul All Share Index increased 0.9 percent to 6,379.9, the highest since May 22, as of 12:12 p.m. in Riyadh. Qatar’s QE Index advanced 0.7 percent to 7,029.68, rising a third time this week. The Bloomberg GCC 200 Index climbed 0.8 percent.

“The rise in European and U.S. markets has boosted Gulf stocks,” said Shadi Ramadan, trading manager at Al Dhafra Financial Brokerage LLC in Abu Dhabi.