Majority of the Gulf region's markets closed at new highs on Tuesday as gains on global markets, firm oil prices and a weaker US dollar bolstered sentiment. Saudi Arabia's index climbed 0.47 percent to 6,031.46 points, steered by financial stocks as investors expect a recovery in oil prices would have a positive effect on bank earnings. Saudi bank profits rose 37 percent in April compared with the month before and were also up slightly year-on-year, according to central bank data. SABB bank gained 3.94 percent, Riyad Bank 3.13 percent and SABIC 0.7 percent. The regional market shares also took cue from a rise in global shares, a recent rally in oil prices to about $68 a barrel and the weak dollar. “The market should trade within a range between 6,000 and 6,200 points until the second quarter results appear,” said Hesham Abo-Jamee, Bakheet Investment Group head of asset management. “If the banking sector records strong profits and SABIC also does well, then the index will rise sharply.” In Dubai, the index rose 2.1 percent to 1,960 points. “Stocks are more-than-adequately priced considering the ongoing economic uncertainty, but fundamentals have taken a back seat to a liquidity-driven rally,” said Sunil Dhall, vice-president at Gulf Baader Capital Markets. “For long-term, value investors Dubai is cheap with many stocks trading below their book value,” said Shakeel Sarwar, SICO investment bank's head of asset management. In Qatar, the benchmark climbed 2.5 percent to 7,255 points, its four advance in five sessions. In Kuwait, the index advanced 1 percent to 8,336 points. In Egypt, the benchmark cliIn Abu Dhabi, the index climbed 1.5 percent to 2,725 points. In Oman, the benchmark rose 1.3 percent to 5,566 points, a three-week high. Volumes were their highest for six sessions. In Bahrain, the measure climbed 0.2 percent to 1,635 points. Meawhile, Tadawul All Share Index (TASI) gained 4.6 percent in May over the close of the previous month at 5,893.34 points or a gain of 267.83 points. The highest close level for the index was on May 23 at 6,100.85. Tadawul said on its website that total equity market capitalization at the end of May reached SR1,130.97 billion ($301.59 billion), or a 6.89 percent increase over the previous month. The total value of shares traded reached SR194.41 billion ($51.84 billion), an increase of 47.65 percent from SR131.67 billion recorded in April. The volume of shares traded soared 31.79 percent to 8.59 billion compared to 6.52 billion in the preceding month. Transactions galloped 27.42 percent to 4.82 million from 3.79 million. On a year-to-date (YTD) basis, TASI registered a positive return of 22.70 percent. In May, the percentage share of Saudi nationals from the market trades was 93 percent, with selling reaching SR180.76 billion or 91.7 percent and buying recorded at SR178.29 billion. Saudi companies comprised 1.7 percent of the market's selling activity at SR3.38 billion and 2.5 percent for buying at SR4.95 billion. Investment funds constituted 1.4 percent of the selling activity at SR2.81 billion and 1.6 percent for buying at SR3.12 billion. On the other hand, GCC nationals formed 1.4 percent of the selling transaction at SR2.68 billion and 1.5 percent for buying at SR2.88 billion. And Arabs residing in Saudi Arabia who partook in trading during May represented 1.9 percent of the market's selling activity at SR3.70 billion and 1.9 percent for buying at SR3.71 billion. Other foreign residents in the Kingdom managed to garner 0.2 percent for both selling and buying activities at SR477.99 million and SR433.73 million, respectively. However, foreigners who participated in trading activity via swap agreement posted 0.3 percent for selling at SR585.20 million and 0.5 percent for buying at SR992.46 million. __