JEDDAH – Saudi Arabia's stock benchmark Tadawul All Share Index recovered from a three-week low to close 0.15 percent higher Wednesday at 6,998.33 points, as petrochemical and banking shares recover, while United Arab Emirates markets resumed gains. Bargain-hunters return to pick up Saudi blue chips. Saudi Basic Industries Corp (SABIC), the world's largest chemicals firm, rose 0.3 percent, Al Rajhi Bank climbs 0.4 percent and lender SABB added 2.1 percent. A recovery in oil prices helps sentiment in the largest OPEC member state. Brent crude traded near $113 a barrel Wednesday, edging up from a one-month low. Elsewhere, UAE investors shift focus to Abu Dhabi banks, which are set to pay the strongest dividends among local companies. First Gulf Bank rose 4.2 percent; the lender will pay a AED0.8 cash dividend early next month. Abu Dhabi Commercial Bank gained 3.3 percent. “Abu Dhabi banks represent the safe haven names in the UAE market - the yields on bank stocks are really supportive,” said Ashraf Abu Shakra, head of institutional trading at Abu Dhabi Islamic Bank. Retail investors trade heavily in property developers. Aldar Properties and Sorouh Real Estate rose 1.3 and 2.7 percent respectively. Abu Dhabi's index climbed 1.7 percent to 3,056 points, up for a fifth session in the last six and reaching its highest close since November 2009. Dubai's Emaar Properties led the rally on that bourse, rising 1.8 percent. Buyers return after Tuesday's 2.5 percent loss on a dividend disappointment. A rebound in Dubai property prices and renewed demand for Emaar's property launches have boosted the stock in recent weeks. It is up 39.5 percent so far this year. The emirate's benchmark closed 0.7 percent higher at 1,939 points, extending 2013 gains to 19.5 percent. Qatar's measure fell 0.9 percent to 8,492 points, its lowest close since January 2. Kuwait's index rose 0.5 percent to 6,443 points and Oman gained 0.4 percent to 5,983 points. — SG/Agencies
