Persian Gulf shares rose and Saudi Arabia’s benchmark stock index gained to the highest in a month after King Abdullah ordered increases in spending, including $67 billion on housing, to prevent protests from escalating.
Saudi Basic Industries Corp., the world’s biggest petrochemical maker known as Sabic, rallied 4.6 percent. In Dubai, Emaar Properties PJSC, builder of the world’s tallest skyscraper, advanced to the highest in almost a month. Saudi’s Tadawul All Share Index rose 4.5 percent to 6,343.79 at the 3:30 p.m. close in Riyadh, the highest since Feb. 19. The market was closed yesterday for a holiday. The DFM General Index climbed 2.6 percent and the Bloomberg GCC 200 Index increased 2.4 percent.
“While geopolitical risks remain in Bahrain and the commencement of United Nations intervention against Qaddafi is an obvious escalation of the conflict in Libya, the situation in Saudi Arabia looks relatively positive,” said Amro Halwani, senior equity sales trader at Shuaa Capital PSC in Riyadh. “The package is expected to have an almost immediate effect on different segments of the economy.”
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