Petrochemical stocks lifted Saudi Arabia's index after data from China boosted global sentiment, with bank stocks also up following well-received second-quarter earnings. The Kingdom's benchmark Tadawul All Share Index rose 0.29 percent to 6,508.8 points, halting a three-day losing streak. But summer trading remained muted and analysts warned quarterly earnings are unlikely to be a long-term catalyst to take stocks higher. "The two markets people have been most focused on are Saudi Arabia and Qatar, which have seen very little volatility and have been stable," said Akram Annous, MENA strategist at Al Mal Capital. "You're at a point where you're not trading on earnings in either direction, so people are trying to look at the macro picture." Bellwether Saudi Basic Industries Corp gained 0.5 percent, and Riyad Bank climbed 2.2 percent. The lender extends gained for a third day since posting a 9 percent rise in quarterly net-profit. SABB Bank jumped 4.8 percent. It posted a 90.6 percent rise in quarterly profit on Tuesday, beating analysts' estimates. Dubai's market rebound from Tuesday's low, and Oman's index ended its two-session decline as Bank Muscat supported after strong second-quarter earnings. Regional sentiment improved after European stocks pared some of its losses, helped by a better-than-expected China second-quarter GDP reading. Dubai's benchmark gained 1.4 percent to close at 1,554 points, rising from Tuesday's 13-day low. Emirates NBD, the largest listed stock on the index, gained 4 percent, and bellwether Emaar Properties climbed 1.7 percent. Most stocks ended higher with 11 ending flat. Oman's Bank Muscat gained 2 percent, while the index climbed 0.4 percent to 5,990 points. Elsewhere, Qatar National Bank led gainers, up 1.2 percent against the index that rose 0.5 percent to 8,469 points. The benchmark recovered from Tuesday's July low. "There is a good momentum in Qatar – valuations are at decent levels," said Sebastien Henin, portfolio manager at The National Investor. "I would not be surprised to see recurrent buying flows in this market. You'll see good buying on dips." Masraf Al Rayan rose 0.6 percent, up 3.2 percent so far in June. Investors are betting on upside from quarterly earnings, lifting the stock, Henin said.
