JEDDAH: Saudi Arabia's index rebounded from Saturday's 11-week low as attractive valuations draw in buyers. The benchmark added 0.39.34 percent to 6,549.42 points. "The sell-off (Saturday) on back of global markets was over-exaggerated," said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments. "Smart money started to come in and pick up cheap valuations. You will see some good support at these levels, but that doesn't mean we won't see pressure from oil." Oil prices fell Friday on news Saudi Arabia was offering more oil to Asian customers, with additional pressure from a stronger dollar, while major stock markets have fallen in five of the past six weeks on growing worries about the global economy. The bank and finance index gains 0.2 percent as Al-Rajhi Bank climbs 0.3 percent and Samba Financial Group adds 1 percent. Elsewhere, Oman's index ends 0.3 percent higher at 6,033 points to be up 0.4 percent in June. It fell 5.2 percent in the May. Telecoms operator Nawras adds 1.8 percent. Meanwhile, Kuwait's index edged 0.2 percent lower to 6,296 points, down for a third straight session. Heavyweight Zain fell 1.9 percent. Dubai's index fell as volumes slump to a 20-week low and Abu Dhabi's benchmark also dipped after investors track weakness in global shares. Dubai's measure slipped 0.3 percent to 1,552 points, its lowest close in June.
