The Saudi stock market gained ground Wednesday, with petrochemical stocks leading the rally to lift the stock benchmark Tadawul All Share Index for the first time in three days. TASI rose 1.04 percent to 6,124.4 points. Saudi Basic Industries Corp (SABIC) and National Industrialization Co. climbed 1.9 and 2.2 percent respectively, buoyed by rising oil prices. “Investors feel that petrochemical stocks have a fair valuation now,” said Hesham Tuffaha, Bakheet Investment Group head of asset management. “There is still ... bad news around globally, but traders are buying as they feel the prices are comfortable and they hope for stability. If the world markets are stable, petrochemical stocks will rise further.” Al-Rajhi Bank added 0.7 percent, as the index gained 1 percent. Qatar benchmark rose 0.7 percent to 8,398 points. Dubai index climbed 0.2 percent to 1,488 points. Abu Dhabi measure dropped 0.2 percent to 2,601 points. Kuwait benchmark gained 0.8 percent to 5,908 points. Oman benchmark fell 0.2 percent to 5,719 points. Bahrain measure rose 0.2 percent to 1,263 points. Egypt index eased 0.02 percent to 4,727 points.
