Gulf stocks rallied this week as investor fears of a fallout from the eurozone debt crisis eased, financial analysts said Friday. Saudi stocks extended gains, buoyed by the petrochemical and banking sectors. The Tadawul All Share Index (TASI) of the Arab world's largest stock exchange climbed 2.4 percent on a weekly basis. Benchmark crude Friday rose 21 cents to $98.54 per barrel in New York. Brent crude rose 29 cents to $108.23 in London. Saudi analysts expected the stock market to score further gains toward the end of the year as investors await the 2012 budget, which usually includes lavish spending. “The Saudi budget is a key supporter of the stock exchange,” said Zayed Hossan of King Saud University. Kuwait's KSE all-share index gained 0.5 percent on weekly basis, closing at 5,867 points, led by the banking sector. Dubai gained 0.4 percent this week. Qatar's index rose 1.7 percent, closing week at 8,808 points, while Bahrain's benchmark closed unchanged at 1,158 points.
