Gulf stock markets rallied across the board this week, buoyed by surging oil prices and solid performance data on the US and German economies, financial analysts said Friday. They expected the Greek parliament's approval of the second bailout deal to have a positive impact on Middle Eastern markets in the coming weeks. Saudi stocks extended gains this week, propelled mainly by the petrochemical and banking sectors, particularly the Saudi Basic Industries Corp. (SABIC). The Tadawul All Share Index climbed 3.2 percent on a weekly basis, crashing the psychological barrier of 7,000 points and closing the week at 7,031.26 points, its highest level since August 2008. Analyst Saud Al-Mutair expected blue chips to lead the market well above the 7,000-point level in the coming weeks. ‘Undoubtedly, local and global factors are contributing to the rally at the Saudi markets,' said al-Mutair, professor of economics at Mohammad Bin Saud Islamic University in Riyadh. “The sustainable low figures of jobless claims in the United States and China's expansionist monetary policy will push up crude prices and enhance demand for petrochemical products,” he added. Kuwaiti shares extended gains this week, led by the investment and services sectors, analysts said. Kuwait's KSE all-share index gained 1.84 percent on a weekly basis, closing at 6,092 points. The benchmarks of stock exchanges of Dubai and Abu Dhabi climbed 7.65 percent and 2.6 percent on a weekly basis, closing respectively at 1,632 points and 2,539 points. Qatar's index rose 2.2 per cent, closing the week at 8,733 points, while Bahrain's benchmark gained 0.9 per cent, closing at 1,154 points. Benchmark West Texas Intermediate crude rose by $1.42 to $109.26 per barrel on the New York Mercantile Exchange. Brent crude rose by $1.28 to $124.90 per barrel in London. WTI peaked near $114 a barrel last May, while Brent rose above $126 per barrel. The Dow Jones Industrial Average was up 2.91 points, or 0.02 percent, at 12,987.60. The Standard & Poor's 500 Index was up 3.59 points, or 0.26 percent, at 1,367.05. The Nasdaq Composite Index was up 11.30 points, or 0.38 percent, at 2,968.28.
