Sunday, August 29, 2010

(BIZ) Abu Dhabi, Israel Shares Rise On Bernanke's Pledge On Economy; Oil Gains

"Qatar and Israel shares advanced, leading a rally in Middle East markets, after U.S. Federal Reserve Chairman Ben S. Bernanke pledged to safeguard the recovery of the world’s biggest economy. Oil gained.

The QE Index climbed 0.5 percent, the most since Aug. 22, to 7,195.88 at the 12:30 p.m. close in Doha, led by Qatar Islamic Bank SAQ, the Gulf state’s biggest Islamic lender. The TA-25 Index rose 0.5 percent to 1,145.31 in Tel Aviv. Avner Oil Exploration LP surged 6.6 percent after partners at the Leviathan site approved plans for an offshore gas and oil prospect. The Bloomberg GCC 200 Index of Persian Gulf stocks increased 0.4 percent.

The gains are 'in line with the closing of U.S. markets on Friday,' said Haissam Arabi, chief executive officer of Gulfmena Alternative Investments in Dubai. Bernanke said 'what investors worried about a double-dip recession wanted to hear.'"

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