Saudi Arabia's bourse ended at a new 41-month high on Tuesday after a session of volatile trading which saw the largest turnover in more than four years, as most other regional markets also extended gains. The kingdom's index rose 0.3 percent to 7,169 points, its highest close since September 2008. Stocks worth 16.1 billion riyals ($4.29 billion) were traded, the highest in a session since January 2008.
Interest was focused on petrochemicals, with market leader Saudi Basic Industries Corp (SABIC) rising 0.3 percent. Alinma Bank gained 2.7 percent, Etihad Etisalat climbed 3.7 percent and rival telecom firm Zain Saudi advanced 1.9 percent. In Dubai, the index broke a strong resistance level, rising 2.7 percent, to hit a 15-month high. Retail investor-driven buying continued amid a bullish market trend.
Most stocks gained with heavy trading on Emaar Properties, which rose 2.9 percent. Contractor Arabtec jumped 9.4 percent and National Central Cooling (Tabreed) leapt 12.8 percent. In Abu Dhabi, the index rallied for an eighth-straight session, rising 0.7 percent. It extended year-to-date gains to 7.9 percent. Elsewhere, Qatar's index slipped for a second session from Sunday's seven-week high, down 0.7 percent. In Oman, the index rose 1.1 percent to its highest close since August 2011, and volumes hit a seven-week high. In Kuwait, the benchmark climbed 0.4 percent, resuming its rally after a two-day public holiday. The index is up 5.2 percent in 2012.
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