Saudi Arabia's bourse ended marginally higher reversing earlier weakness as most regional bourses drew comfort from a rally in global stocks Friday. The Kingdom's stock benchmark tadawul All Share Index index ended higher for a second day Sunday, rising 0.07 percent to 6,257.27 points. Saudi Basic Industries Corp (SABIC) climbed 0.3 percent. Bourses in the UAE and Qatar ended higher drawing on strength in global markets at the end of last week. Construction stocks were among key gainers in Dubai with Arabtec rising 3.7 percent while Drake & Scull climbed 1.7 percent after it posted a 76 percent increase in third quarter net profit earlier Sunday. Dubai's index ended 0.7 percent higher at 1,393 points. Abu Dhabi closed 0.6 percent higher at 2,492 points with Aldar Properties gaining 0.96 percent. Qatar was up 0.4 percent at 8,742 points. Oman's bourse ended 0.1 percent lower at 5,566 points led by Galfar Engineering which declined 3.6 percent. “We're taking the good news from global markets,” said Haissam Arabi, chief executive and fund manager at Gulfmena Investments. “There is positive sentiment in most GCC markets and Saudi got off to a good start yesterday after Eid but the markets are being careful and we are not seeing huge volumes,” he added. Global equities surged at the end of last week after an Italian vote on economic reforms eased fears that its debt burden would jeopardize the euro zone's future.
