Saudi and Qatar shares advanced on Monday, pushing other Gulf markets higher. Saudi Arabia's Tadawul All Share Index rose 0.46 percent to 6,030.32. Food processing company Halwani Bros Co. surged 9.8 percent, the most since June 2009, to SR41.5 after it said second-quarter profit increased 82 percent to SR21.7 million ($5.8 million). The Qatar Index rose 0.9 percent, the most since June 21, to 6,824.7. Industries Qatar, the second-biggest petrochemicals maker in the Middle East, gained 1.2 percent and Qatar National Bank SAQ added 1.9 percent before releasing earnings today (Tuesday). Dubai's index increased 0.3 percent, paring the 2010 drop to 18 percent. Emerging-market stocks advanced for a second day, led by technology companies, on speculation consumer spending will withstand a slowing global economic recovery. “The simple fact that we woke up today and Asia was stable instead of down has some people feeling a little better,” said Akram Annous, deputy fund manager at Al Mal Capital PSC in Dubai. “Volumes continue to trend lower and that is obviously a clear reflection of investor interests.” IFA Securities LLC, a Dubai-based brokerage established by Kuwait's International Financial Advisors KSCC, closed after stock markets tumbled and volumes slumped. About 43 million shares traded in Dubai on Monday, compared with a six-month daily average of 190 million. Eleven brokerages in the United Arab Emirates have either shut down this year or are in the process of closing, The National newspaper reported in June, citing the market regulator. Abu Dhabi's benchmark index increased 0.2 percent and Oman's MSM30 Index added 0.4 percent. Bahrain's gauge and the Kuwait Stock Exchange Index were little changed. In North Africa, Egypt's EGX 30 Index dropped for a ninth day, losing 0.8 percent to 5,850.38, the lowest in almost a year.
