JEDDAH: The Saudi market rose 0.36 percent at 6332.43 points Monday, supported by petchem and bank stocks. Heavyweight SABIC climbed +1 percent at SR100.50 on plans to ask the World Trade Organization to pressure India to lift an anti-dumping duty it imposed on Saudi polypropylene. “The next stop for Saudi petrochemical producers will be the WTO,” Abdulrahman Al-Zamil, a trade representative for Saudi petrochemical makers, said Sunday. SABIC won't be affected by the duty, Chief Executive Officer Mohamed Al-Mady said. Samba Financial Group jumped 1.7 percent at SR58.75. The Saudi shares rose the most in almost four weeks after Ireland received an 85 billion-euro ($113 billion) aid package, easing concern Europe's financial crisis will spread. Crude futures hit a two-week high earlier in the day, supporting local investor sentiment, a trader noted, adding that volumes remain light indicating that the market is cautious about the strength of the global economic recovery. Etihad Etisalat Co. climbed for a third day and increased 0.9 percent to SR56. Elsewhere, Dubai's DFM General Index rose 0.6 percent and the Bloomberg GCC 200 Index advanced 0.5 percent. “Attention is focused on international markets with the goings-on in Europe and the Irish bailout being finalized,” said Paul Cooper, managing director at Sarasin-Alpen & Partners Ltd. in Dubai, which oversees more than $500 million in the Middle East. “Still, it's a nervous atmosphere with a lot of volatility. That's dissuading investors from making significant moves.” Qatar's QE Index rose 0.4 percent and Oman's benchmark stock index gained 0.3 percent. Abu Dhabi's measure fell 0.5 percent. Bahrain's All Share Index advanced 0.8 percent and Kuwait's gauge increased 0.5 percent. Europe's STOXX Europe 600 increased 0.8 percent after regional finance chiefs ended crisis talks on Ireland by endorsing a Franco-German compromise on post-2013 rescues that means investors won't automatically take losses to share the cost with taxpayers. The MSCI Emerging Markets Index gained 0.6 percent and the MSCI Asia Pacific Index climbed 0.9 percent after three consecutive weeks of declines. Oil prices rose Monday after the European Union agreed on a bailout plan for Ireland. The gain came even as the dollar was stronger against other currencies. Since oil and other commodities are priced in dollars, a stronger dollar makes them more expensive for buyers who use foreign currencies. Benchmark crude for January delivery rose $1.52 to $85.28 a barrel in early afternoon trading on the New York Mercantile Exchange. In London, Brent crude added 68 cents to $86.24 a barrel on the ICE Futures exchange.
