Saudi stocks ended higher on Monday, hitting a three-week high, on the back of higher oil prices and as local investors take advantage of low valuations, boosting several blue chips. The Tadawul All Share Index (TASI) gained 1.24 percent to 6,340.03 points. Oil prices on Monday rallied by 2 percent to above $75 a barrel, while European and Asian markets rose to their highest level in four weeks. Bluechips Sabic and Riyad Bank each advanced 2.5 percent. Property stocks dominated volumes and led Dubai's index lower, while Abu Dhabi traded slightly higher due to gains in Etisalat. Dubai's Deyaar, Emaar Properties and Union Properties were the most active stocks, shedding 3.4 percent, 0.3 percent and 0.8 percent respectively. The main index fell 0.4 percent. “I believe we're going to see a week with very little changes, some sideways movements,” said Samer Al-Jaouni, General Manager of Middle East Financial Brokerage Co. Abu Dhabi's index fell 0.3 percent. Qatar stocks ended higher, led by banks, as investors took advantage of low valuations and built positions ahead of second-quarter earnings. The Doha index climbed 1.5 percent to 7,025 points, outperforming other markets in the Gulf. “Most investors expect good results in the second quarter,” said Hani Girgis, assistant chief dealer at Dlala brokerage. Masraf Al Rayan gained 5.1 percent and was the most active stock. Moody's in a report on Monday said the outlook for Qatari banks is stable. “This reflects the Qatari banks' solid franchise development in a strong macroeconomic environment and a highly supportive banking system, but also captures the challenges faced by the banks in maintaining good credit quality fundamentals and earnings in this small concentrated market.” Kuwait's index edged 1.3 percent lower to 6,554 points, on profit taking, hitting its lowest level since December last year. Bank Muscat was most active in Oman, falling 1.4 percent and weighing on the index, which closed 0.7 percent lower. On Monday, US light sweet crude for July rose $1.34, or 1.82 percent, to settle at $75.12 a barrel after an early $75.99 intraday peak. London's ICE Brent for July delivery rose 85 cents to settle at $75.20 a barrel.
