fueled Gulf stock on Sunday, with Saudi Arabia's stock benchmark Tadawul All Share Index continued to gain upward momentum, to close 0.37 percent higher at 6,420.70 points Sunday. Market bellwether SABIC, the world's largest petrochemical firm by market capitalization, surged 1.94 percent to finish at SR91 ($24.26). Oil prices rose 2 percent on Friday, posting their best percentage weekly gain in nearly 7-1/2 months as the dollar slumped and China posted strong economic data. Oil investors shrugged off mixed US economic data, including a report showing the pace of growth in the US manufacturing sector slowed in September. US crude for November delivery rose $1.61 to settle at $81.58 a barrel, just under its intraday peak of $81.66, a seven-week high. Oil rose 6.65 percent for the week, its best weekly gain since prices rose 7.66 percent in the week to Feb. 19. On Thursday, it closed the third quarter with its largest percentage gain since the last quarter of 2009. ICE Brent November crude rose $1.44 to settle at $83.75 a barrel. Companies in the region are expected to begin announcing results this month, with Saudi Arabia starting this week. Gains of 15 percent last quarter have left the 32 companies in Dubai's benchmark index valued at 6.56 times estimated earnings. MSCI World Index grew 13.29 percent and 12.78 percent for the MSCI Emerging Markets Index. “Investors were positively affected by movements in global markets” as there were no declines Oct. 1, said Waleed Al Khateeb, senior finance manager at Dubai-based Daman Securities LLC. “There is some optimism as investors expect third-quarter earnings of heavy-weighted companies to impress.” The Standard & Poor's 500 Index rose 0.4 percent on Oct.1. as higher consumer spending and confidence bolstered optimism. “The dollar weakness and the belief there will be more quantitative easing by the Federal Reserve are pushing (crude oil) prices up,” said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. The dollar hit a six-month low versus the euro and the dollar index fell to an eight-month low after the New York Federal Reserve president said US growth has been disappointing and that more action by the Fed will likely be warranted unless the outlook improves. Gold hit record highs on Friday on the dollar's weakness and expectations of further US monetary easing, and copper rallied to its highest level in more than two years on the strong Chinese manufacturing data. Dubai shares rose for the second time in three days, leading a rally in the Gulf, on investor speculation third-quarter earnings in the United Arab Emirates will beat expectations and after global markets advanced. The DFM General Index gained 0.6 percent to 1,694.03, at 12:16 p.m. Abu Dhabi's ADX General Index slipped 0.1 percent while Oman's MSM30 Index advanced 0.3 percent. Qatar's QE Index increased 0.5 percent. Kuwait's gauge and Bahrain's measure increased 0.1 percent. Emaar Properties PJSC, the developer of the world's tallest skyscraper, increased 0.8 percent after its five-year convertible note sale received more than $3 billion in bids. Aramex PJSC, the Middle East's biggest courier company, advanced as much as 5 percent.
