Insurance stocks preside Saudi profits
Insurance stocks presided profits in Saudi Arabia, increasing the Kingdom’s index from Sunday’s 11-day low, and other sectors also went up after oil prices stabilize. The insurance index rose 3.3 percent and banks got 0.2 percent. On Monday, the stock benchmark Tadawul All Share Index got 0.34 percent for closing at 6,103.78 percent , trimming 2011 losses to 7.8 percent.
The petrochemical index had recovered earlier losses to edge 0.05 percent higher. Saudi Kayan Petrochemicals increased 0.3 percent and Saudi Basic Industries Corp. rose 0.3 percent. Oil prices went up in volatile trading on optimism Europe would resolve the debt crisis. Brent futures for November increased 21 cents to $104.18, while US light sweet crude oil improved 56 cents to $80.41 a barrel.
Elsewhere, Qatar’s bourse extended decreases for a third session as banks weigh, but late buying have helped stem losses. The main index had slipped 0.2 percent to 8,385 points, but it had remained the top performing Gulf Arab market this year, going down 3.4 percent. Abu Dhabi’s index had ended 0.2 percent lower at 2,532 points in the UAE, a near seven-month low. In addition, Dubai’s index had ended flat.
Kuwait’s benchmark got 0.4 percent to 5,872 points, ceasing a three-session decline. Oman’s bourse had slipped in a regional downtrend. Since Aug 25, Muscat’s index had slipped 0.3 percent to 5,642 points. Meanwhile, the euro went down about 0.5 percent after a brief rebound, trading near $1.3434. Spot gold prices descended $59.30 to $1,595.90. On Monday, European and US shares went up over a more ambitious bailout fund for the euro zone.
