Sunday 6 March 2011

MIDEAST STOCKS-Markets track Saudi gains, but volatility remains | Reuters

Gulf Arab markets rose on Sunday, with the Dubai and Kuwait benchmarks pulling away from six-year lows to track gains a day earlier on Saudi Arabia's bourse .TASI, the region's largest.

The kingdom's index rose 0.9 percent after surging 7.3 percent on Saturday to end a 14-session losing run.

"Buying is short-term and based on a market bounce, rather than a full recovery," said Walid Shihabi, Shuaa Securities chief executive. "Saudi Arabia is looking for direction and the main concerns remain."

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