Gains in banks helped lift the Saudi index to a higher close on Wednesday - the last trading day for November - ahead of a week-long break for Eid. The market benchmark Tadawul All-Share Index (TASI) ended 0.83 percent higher at 6,355.82 points. Al Rajhi Bank, the Kingdom's largest listed lender, rose two percent and Banque Saudi Fransi climbed 1.6 percent. Arab Bank gained 1.3 percent. On a monthly basis, TASI increased 1.39 percent in November or 87.27 points higher against the previous month. On an YTD basis, TASI registered a positive return of 32.33 percent. Highest close level for the index during the month was 6,371.97 recorded on Nov. 2. Total equity market capitalization at the end of November 2009 increased by 1.55 percent over the previous month at SR1,237.27 billion ($329.94 billion). However, the total value of shares traded in November decreased by 32.28 percent at SR77.16 billion ($20.58 billion) over the previous month, Tadawul said on its website on Wednesday. The total number of shares traded decreased by 35.30 percent at 3.05 billion shares compared to 4.72 billion shares traded in October. The total number of transactions executed in November dropped 29.92 percent at 1.94 million compared to 2.77 million trades against the preceding month. Elsewhere in the region, UAE markets ended a short trading week higher after real estate stocks helped lift the index. Deyaar surged 4.4 percent, Emaar Properties rose 0.7 percent and Arabtec gained 1 percent. Abu Dhabi's index also ended higher, with gains across various sectors, although activity was modest. The benchmark ended 0.6 percent higher at 2,910 points. Investment firm Aabar rose 2.2 percent. The company earlier on Wednesday said it entered into a $1.6 billion loan agreement with local and international lenders. Kuwait's index extended gains and ended higher on Wednesday, lifted by banking and investment company stocks. The index ended 0.9 percent higher at 6,934 points, its fourth gain in five sessions. Gulf Bank rose 3.5 percent and Al Ahli Bank gained 3.1 percent. Kuwait Finance House climbed 1.9 percent. After surging 6 percent early in the session, Zain ended the session flat. Qatar's index also ended higher, rising 0.6 percent to 7,193 points, while Bahrain's benchmark slipped 0.4 percent to 1,443 points. Bluechips pulled Oman's index to a lower close, its fourth decline in five sessions as volumes fell to a fresh 10-month low. The index ended 0.1 percent lower at 6,386 points. Bank Muscat fell 1.2 percent and Oman Telecommunications (Omantel) slipped 1.1 percent. Separately, Moody's affirmation of Sabic's A1 ratings reflects its significant credit strength. However, Moody's noted that despite the strong competitive position of its petrochemical operations underpinned by their access to cost advantaged feedstock and proximity to the high growth markets of Asia, Sabic's profitability has been significantly affected by the severe cyclical downturn experienced by the global chemical industry in the past 12 months, which has, in particular, hurt the results of its foreign affiliates, SABIC Innovative Plastics (SIP) and SABIC Europe. Overall, Sabic is expected to be more profitable amid improving operating environment combined with comprehensive restructuring action at SIP and SABIC Europe.
