Saudi Arabia's shares led gains on Gulf bourses Wednesday, after a fresh bout of second-quarter earnings lifted sentiment on Wednesday and improving performance on global markets gave support. The Kingdom's stock benchmark Tadawul All Share Index rose 0.76 percent to close at 6,489.5 points, extending gains for a second-day since Monday's four-week low. Strong company results and hopes for a settlement in the US debt ceiling row boosted global equities Wednesday, while the euro rose on hopes for a scheme to address the Greek debt crisis. Saudi Arabi'a Kingdom Holding gained 1.9 percent after the investment firm's quarterly profit rose 21 percent. “Technically, the market is very strong,” said Youssef Kassantini, head of Private Client Portfolios at Khalijia Invest financial services company in Riyadh. “The banking sector is recuperating and we're expecting even stronger results in Q3 and Q4,” he added, but warning the slower business period of Ramadan would affect the results in the third quarter. Bucking the upbeat trend, Rabigh Refining and Petrochemical Co. tumbled 6 percent. It posted a second-quarter loss of $107 million after a two-month closure of its refinery slashed sales. Most other petrochemicals gained, with Saudi Basic Industries Corp. (SABIC) up 2.4 percent and the sector's index climbing 1.3 percent. Elsewhere, Kuwait's index bucked the regional trend and rose 0.5 percent to 6,034 points. Abu Dhabi index slipped 0.4 percent to 2,688 points. Oman fell 0.3 percent to 5,943 points. Dubai index climbed 0.3 percent to 1,526 points. Qatar benchmark edged up 0.07 percent to 8,389 points. Bahrain measure declined 0.6 percent to 1,310 points. Mid-caps rose with Ahli United Bank climbing 5.6 percent, Boubyan Bank rising 1.7 percent and Al Ahli Bank adding 1.5 percent. “Valuations are attractive from a historic point of view, but not compared to the rest of the region,” said Sebastien Henin, portfolio manager at The National Investor in Abu Dhabi. The market is up for a second day since its regulator gave investment funds until March 2012, to impose a cap on their ownership in individual financial securities. Abu Dhabi's telecoms operator Etisalat dropped 0.5 percent to a six-week low, extending losses since it reported declining quarterly profit. The emirate's index fell 0.4 percent, its lowest close since June 6. Low volumes continue to trouble Oman's benchmark that slipped 0.3 percent to a fresh two
