JEDDAH: Gulf stocks extended gains this week, deriving momentum from rising global markets, surging oil prices and easing eurozone debt worries, financial analysts said Friday. Saudi shares led the Middle East stock rally this week, receiving additional support from the Kingdom's revelation of a record budget. Saudi stock benchmark Tadawul All Share Index (TASI) gained 1.7 percent on weekly basis, closing at 6,609.53 points, the highest in seven months. The Saudi market was led by the sectors of petrochemicals, transport, energy and real estate, analysts said. The benchmark of Saudi stock exchange gained about 8 percent since the beginning of the year. “I believe several sectors will benefit from the huge Saudi spending on development projects, foremost the banking, infrastructure, construction and the retail trade sector,” said Mohammad Anqari, a Riyadh-based Saudi analyst. He conceded that Saudi stocks reacted excessively to developments on global markets in 2010, but expected different performance in 2011.
