The Gulf stock markets advanced in brisker trade on Tuesday, although gains were modest as wary investors still await full-year results. Saudi Arabia's Tadawul All Share Index (TASI) climbed 0.6 percent to 6,239.1 points. Volumes rose for a fourth day, but remain markedly below the three-month average. “Oil prices are doing nicely and the global situation is looking good, which is helping to build confidence locally,” a Riyadh-based analyst added. Saudi Telecom Co and Etihad Etisalat (Mobily) were the most significant gainers in Saudi Arabia, rising 2 and 2.9 percent respectively. “Mobily has been doing quite nicely over the past week or so - it had fallen to the low 40s (riyals) for no real reason apart from maybe the fall out from Dubai's debt,” said the analyst who requested anonymity. Dubai's index climbed 0.1 percent to 1,819 points, with Emaar ending flat after giving up initial gains as investors soon discounted Monday's opening of Emaar-built Burj Khalifa, formerly known as Burj Dubai, the world's tallest structure. In Abu Dhabi, volumes more than tripled from the previous day, helping the UAE capital's index reach a three-week closing high as investors switched cash from Dubai and its heavyweight listing Emaar Properties. The Abu Dhabi benchmark rose 0.6 percent to 2,775 points. Kuwait heavyweights clawed back most of the previous day's losses, with Zain adding 2.1 percent and Agility surging 9.6 percent. The Oman index rose 0.8 percent to 6,471 points. The Qatar measure climbed 0.7 percent to 7,006 points. The Bahrain index rose 0.2 per cent to 1,450 points. Oil rose to $82 a barrel Tuesday after a jump in stock markets boosted investor confidence and helped extend a four-week rally in crude prices. Falling energy supplies and a cold wave were also contributing factors. Benchmark crude for February delivery closed up 26 cents at $81.77 a barrel, the highest settlement price on the New York Mercantile Exchange since Oct. 9, 2008. In London, Brent crude for February delivery rose 47 cents to settle at $80.59 a barrel on the ICE Futures exchange. Huge surpluses fell in recent weeks, contributing to prices already driven higher by the falling dollar. When the dollar falls, investors holding stronger currency can essentially buy more dollar-based crude and they have, doubling oil prices last year.
