Saudi stocks jump

30/03/2015 06:29 AST

Saudi Arabian stocks jumped the most in six weeks, leading a rally in Arab equity markets, after the country pledged to restore stability in Yemen.

The Tadawul All Share Index, the main gauge for the world's biggest oil exporter, added 1.9 per cent at 2:18pm local time, the sharpest increase since February 15.

Qatar's QE Index climbed for the first time in three days, and Dubai's DFM General Index added the most since March 23. The Bloomberg GCC 200 Index, a gauge of the Gulf Cooperation Council's top 200 equities, was on course for the biggest advance in more than a month. Stocks in the region were caught in a selloff last week as a Saudi-led coalition started bombing targets in Yemen after Shiite rebels advanced on the southern port of Aden, where forces loyal to the president have rallied.

"The message from the Saudi king is very clear and it shows they have the willpower to go all the way," Muhammad Shabbir, the head of equities at Rasmala Investment Bank in Dubai, said by telephone on Sunday. "This adds to the hope that the issue will be resolved." Jabal Omar Development, a Saudi-based property developer, led 158 advancers on Saudi Arabia's main equity gauge with a 5.8 per cent jump. Two share declined, while eight stocks were unchanged.


Times of Oman

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