The Saudi bourse hit a six-month high in active trading Monday after a state-run fund said it would buy more shares. The stock benchmark Tadawul All Share Index rose 0.08 percent to close at 6,560.25 points, its highest since July 11. Volumes reached their highest levels for at least two years for a second day, with 445 million shares worth SR7.9 billion ($2.11 billion) changing hands. “We had the positive message from the General Organization of Social Insurance (GOSI) that they would be increasing their holding in some stocks and this helped the market break out through 6,500,” said Haissam Arabi, chief executive and fund manager at Gulfmena Investments. “Over the next couple of days, the market has to prove this is the new support level but I am positive. The volumes are very healthy and GOSI hasn't stepped in yet.” Zain Saudi Arabia, the most active stock, climbed 4.9 percent, up for a sixth day. The telecoms operator has gained 32.5 percent since Jan. 23. Elsewhere, in Abu Dhabi, the index snapped an eight-day rally, slipping 0.5 percent, as Abu Dhabi Commercial Bank and Aldar Properties fell 2.4 and 2.2 percent, respectively In Dubai, the index gained 0.3 percent to 1,406 points. Banks helped Qatar's index to rise 0.6 percent to 8,492 points. Doha Bank and Commercial Bank of Qatar gained 0.7 and 1.5 percent respectively. In Kuwait, the exchange advanced 0.1 percent to 5,865 points, the fifth session in six that it has ended higher ahead of a Feb. 2 parliamentary election. “Until we see the outcome of the election, Kuwait is very much on hold,” Arabi said. In Bahrain, the measure slipped 0.3 percent to 1,136 points. Egyptian stocks fell 0.1 percent to 4,531 points.
