Shares extend gains; Saudi equities rise

DUBAI - The Dubai’s Financial Market’s General Index on Wednesday advanced 0.79 per cent to 1,608.92 points.

By Zahra Hankir (Bloomberg)

Published: Thu 23 Feb 2012, 10:54 PM

Last updated: Tue 7 Apr 2015, 11:18 AM

The Abu Dhabi’s ADX General Index increased 0.31 per cent to 2,534.91 points.

In regional markets, Saudi stock index advanced to the highest level in more than three years on speculation that the Arab world’s biggest stock market may this year open up to foreign investors.

The Tadawul All Share Index climbed 0.9 per cent to 7,031.26, the highest since September 2008, bringing its increase this week to 3.2 per cent.

Saudi Basic Industries, the world’s biggest petrochem gained to the highest level since August. Al-Rajhi Bank rose 1.3 per cent.

“Some investors in regional markets are putting money into Saudi Arabia with the view that the bourse may soon open up to direct foreign ownership,” said Asim Bukhtiar, an equity analyst at Riyad Capital.

“Volumes have been going up in Saudi Arabia but are generally muted in regional bourses.”

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