Saudi Arabian and Qatari shares advanced as oil traded above $76 a barrel and global stocks gained on optimism in US economic recovery. Saudi Basic Industries Corp., the world's largest petrochemical maker, rose to the highest intraday level in almost a month after signing a SR3.75 billion ($1 billion) agreement. Qatar Islamic Bank gained 1.5 percent. Saudi Arabia's Tadawul All Share Index increased 0.36 percent to 6,346.44, the highest since May 22. Saudi Basic rose 2.5 percent to SR94.25, the highest since May 19. The company known as Sabic signed a loan accord with Alinma Bank to help finance its expansion. Qatar Islamic Bank, the Gulf state's biggest Shariah-compliant lender, climbed 1.6 percent, the most since June 14, to SR73.4. Abu Dhabi's ADX General Index gained 0.4 percent. Benchmark indexes in Dubai, Oman, Kuwait and Bahrain all fell 0.1 percent. Qatar's QE Index advanced 0.7 percent to 7,029.68, rising a third time this week. “The rise in European and US markets has boosted Gulf stocks,” said Shadi Ramadan, trading manager at Al Dhafra Financial Brokerage LLC in Abu Dhabi. Asian and US stocks rallied after a report showing growth in New York manufacturing boosted confidence that a recovery in the world's biggest economy will increase corporate earnings. European stocks rose as much as 0.6 percent, the MSCI Asia Pacific Index climbed 1 percent and the MSCI World Index gained for a seventh day. World oil prices dipped on Wednesday as traders awaited the latest official snapshot of crude inventories in key consuming nation the United States. New York's main futures contract, light sweet crude for delivery in July, shed 56 cents to $76.38 a barrel. Brent North Sea crude for August delivery slipped 18 cents to $76.92. Prices rallied on Tuesday, along with stock markets and the euro.
