JEDDAH: Saudi Arabia's stock benchmark Tadawul All Share Index (TASI) hit a two-week high Tuesday, gaining 0.37 percent to close at 6,531.17 points - its highest close since June 15. Petrochemicals stocks also rose, helped by gains in oil prices. World oil prices rose Tuesday, recovering some of their recent lost ground. New York's main contract, West Texas Intermediate for delivery in August, added 64 cents to $91.25 a barrel. Brent North Sea crude for August increased $1.26 to $107.25. Saudi Basic Industries Corp, the Gulf region's largest firm by value, climbed 0.7 percent, while National Industrialization Co jumped 4.1 percent. Al Rajhi Bank advanced 0.7 percent. Saudi Integrated Telecom Company closed at SR12.60 on its bourse debut after 68 million shares changed hands. Dubai's index fell to a three-month low, with some investors trying to reduce positions as a summer slowdown takes hold. The benchmark dropped 1.2 percent to 1,508, taking its losses to 4.4 percent since index compiler MSCI extended a review on whether to upgrade the UAE to emerging market status until December. "The month of June has been difficult for regional markets on European debt concerns and MSCI uncertainty for UAE and Qatar," said Shakeel Sarwar, head of asset management at Securities & Investment Co. Emaar Properties fell 2.3 percent, Dubai Financial Market shed 2.5 percent and Arabtec slipped 1.6 percent. Abu Dhabi's index rose 0.3 percent to 2,711 points, up from Monday's two-week low. Kuwait benchmark eased 0.4 percent to 6,227 points. Qatar's index gained 0.5 percent to 8,290 points.
