Saudi Arabia's Tadawul All Share Index (TASI) gained 0.92 percent on Wednesday to 6,674.41 - the highest close since Oct. 15, 2008 - with 63 stocks rising and 44 falling. Alinma Bank, the day's most active stock by value and by volume, rose 0.78 percent to SR13.00, while fellow market leader Kingdom Holding gained 1.05 percent to SR9.60. Saudi Investment Bank had the day's biggest rise, climbing 2.96 percent to SR19.10. “Saudi shares traded positively in line with a broad rally in equity markets,” said Dr. Mohammed Ishaq Ali, a fund manager at Al Rajhi Capital. “Anticipated growth in global oil demand and a significant fall in global oil inventories is likely to keep oil markets bullish in the coming weeks. “The approval of first ever ETF in the region by Saudi Arabia and allowing foreigners to invest (in the ETF) also added to market momentum.” Saudi Arabia on Tuesday approved its first exchange-traded fund, which will be accessible to foreigners as part of efforts to open up the biggest Arab bourse. “The continuous flow of positive global and local market news is steadily guiding the market northwards, backed by the strong fundamentals of the economy,” added Ali. Elsewhere in the region, Dubai's index DFM made its largest decline for more than a month as investors cashed in recent gains following a media report on Dubai World's $26 billion restructuring plans. The index fell 2.3 percent to 1,718 points, its biggest loss since Feb. 14 as it eased from Tuesday's nine-week high. Volumes hit a three-month high. “We are still in an uptrend - the trend was really extended on the upside and we should have seen more profit taking sooner,” said Ahmed Hamdi, senior relationship manager at Prime Emirates. Abu Dhabi's index ADI ended lower for a third session, dropping 0.4 percent to 2,849 points. Qatar's index QSI made its largest gain for 15 weeks, climbing 3.8 percent to 7,315 points, its highest finish since Oct. 26 and biggest gain since Dec. 2. Volumes hit a 23-week high. Bahrain's measure BAX rose 0.3 percent to 1,514 points. Oman's benchmark MSI rose for a second session, ending 0.1 percent higher at 6,628 points. Kuwait's index KWSE slipped 0.3 percent to 7,423 points as banking shares weighed, despite telecom operator Zain rising on a likely completion of its asset sale. Ithmaar Bank led banking decliners falling 8.3 percent while Kuwait International Bank dropped 1.7 percent.
