Saudi Arabia’s stock market Tadawul outperformed all other Gulf Arab markets Wednesday by gaining 0.86 percent, closing at 6,158.99 points.
Oil prices stabilized above 72 U.S. dollars per barrel, helping shares of Sahara Petrochemical to gain 0.54 percent at 18.75 Saudi riyals (5 dollars).
In Abu Dhabi, the leading oil and gas producer Abu Dhabi National Energy Co., also called Taqa, lost 2.5 percent and closed at 1.19 dirham (0.32 dollar).
The Dubai Financial Market finished up 0.19 percent at 1,486.52 points. Logistics provider Aramax, which currently runs a Middle Eastern wide aid program for flood victims in Pakistan, was the most liquid stock, gaining 1.16 percent at 1.74 dirham (0.47 dollar).
At Nasdaq Dubai, interior designer Depa Ltd. recovered further after last week’s setback, closing 5.45 percent higher at 0.58 dollar, one of the highest single gain in the Gulf region.
Qatar’s QE Index climbed by 0.34 percent to 7,250.61 points. Doha Bank ended 1.93 percent higher at 47.5 Qatari riyals (13.05 dollars).
Standard & Poor’s Ratings (S&P) Services believes that Gulf banks it rates appear to be showing signs of improvement, after spending more than 20 billion dollars on loan loss provisions and investment impairments since 2008.