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The attack comes two days after Pakistan launched its latest national campaign to stamp out the virus
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Gulf Markets Advance; Higher Govt Spending Speculated
DUBAI - Gulf shares rose as crude oil rebounded and investors speculated governments in the region will increase spending next year.
SABB Takaful, a Saudi Arabian Shariah-compliant life insurer, climbed for a fourth day. “It seems the production cuts by Opec are keeping oil from falling further,” Sunil Dhall, vice-president at Gulf Baader Capital Markets SAOC, said in a phone interview from Oman. “Investors are also hoping next year will see higher spending by governments and that it will keep this region growing.”
Saudi Arabia’s Tadawul All Share Index added 1 per cent at 4,733.98 at 1:31p.m. local time, while Qatar’s DSM 20 Index rose less than 0.1 per cent.
Markets in Kuwait and Bahrain are closed for a national holiday.
Oman’s benchmark index has slumped 40 per cent this year, heading for the worst performance in 10 years.
The index is valued at 4.9 times the earnings of its 30 companies, according to data compiled by Bloomberg, compared with a high of 16 for the year reached in April.
Bank Muscat, Oman’s largest lender, climbed 6.1 per cent at the close, the most since November 5, to 797 baizas.
SABB Takaful surged 9.8 per cent to 33.5 riyals, adding 31 per cent during the past four trading sessions.
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