Gulf stock markets track Saudi gains

07/03/2011 00:00 AST

Gulf markets rose Sunday, with the Dubai and Kuwait benchmarks pulling away from six-year lows to track gains a day earlier on Saudi Arabia’s bourse.

Saudi Arabia’s stock benchmark Tadawul All Share Index (TASI) ended higher for a second day since tumbling to a 22-month low.

TASI traded in a 3.9 percent range, ending 0.92 percent higher at 5,762.50 points to advance for a second day since Saudi’s finance minister said the economy was in "excellent" shape and a rise in oil prices would boost its already-strong financial position, also confirming state pensions had been buying local shares.

"Buying is short-term and based on a market bounce, rather than a full recovery," said Walid Shihabi, Shuaa Securities chief executive. "Saudi Arabia is looking for direction and the main concerns remain."

Gulf markets had tumbled in the wake of deadly unrest in Oman and Bahrain, sparking fears turmoil would spread.

Some buyers have now returned, but volatility remains acute.

"Gulf markets have been taking their cues from Saudi Arabia, with a very strong correlation," said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments. "This is a great opportunity to sell rather than buy – nothing much has really changed in terms of the regional political picture. There are rumors of more protests taking place in the Gulf."

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