Saudi stock benckmark Tadawul All Share Index (TASI) closed at three-month high as banks and telecoms sectors get a boost from steady global markets. Al Rajhi Bank climbed 0.6 percent and Samba Financial Group added 1.2 percent. Telecoms provider Etihad Etisalat (Mobily) rose 2.3 percent. The sector enjoyed one of its most profitable periods over Ramadan and Eid-Al-Fitr, which ended in September and the telecoms index was up 6 percent since Aug. 25. Saudi's main benchmark rose 0.25 percent to 6,434.9 points, its highest finish since June 21, and recent gains have been helped by increased confidence that the US will not slip back into recession, said Youssef Kassantini, an independent financial analyst. “This really helped the stock market break resistance at 6,340 that was the 200-day weighted moving average,” said Kassantini. “Today the market is trying to stabilize after yesterday's strong performance. The volumes are still increasing. The only catalyst in the Saudi market is the Q3 results that are expected soon.” World stocks ticked upwards and the dollar fell broadly on Tuesday as investors braced for a Federal Reserve meeting that may discuss whether the fragile US economy needs a fresh infusion of cash. Property-related stocks dominated trade as Dubai's index DFM ended higher for an 11th session in 12 to reach a new 18-week peak. d down, attracting speculators. They accounted for nearly half of all shares traded on the index, which climbed 0.6 percent to 1,701 points, its highest finish since May 18. “In the UAE there are probably some investors who are just putting money on the big names based on the FTSE announcement, but we have to see several types of money coming through into the market,” said Haissam Arabi, chief executive and fund manager at Gulfmena Aternative Investments, adding stocks were likely to soon correct before rallying again from mid-October. Abu Dhabi's benchmark ADI climbed 0.2 percent to 2,638 points as property stocks tracked Dubai gains. Kuwait's index KWSE ended flat, while Qatar's benchmark QSI reached a 21-week closing high. Qatar's benchmark QSI rose 0.5 percent to 7,638 points, its highest finish April 26. Oman's index slipped 0.02 percent to 6,419 points, its first decline in six sessions. Galfar Engineering surged to a 20-week high after saying it won a 35.3 million rials contract from the government.
