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10/07/2010 00:00 AST
Saudi shares gained the most in a month on the first day of the week after second-quarter earnings came in above analysts’ expectations.
Saudi Basic Industries Corp., the world’s largest petrochemical maker, Al Rajhi Bank, the kingdom’s largest lender by market value, and Samba Financial Group paced the advance, as all 15 industry groups climbed. The Tadawul All Share Index rose 2.3 percent as of 1:03 p.m. in Riyadh to 6,196.46, the highest level since June 28. The gauge gained 0.4 percent last week.
“The market response is strong on the better-than-expected second-quarter earnings outcome,” said Younas Malick, senior economist at the National Commercial Bank in Jeddah. “The results of 16 companies combined shows strong 21.4 percent net- earnings growth during the January-June period.”
Saudi Basic, or Sabic, soared 6.2 percent, the most since May 29, to 90.25 riyals. Al Rajhi rose 3 percent to 77.25 riyals. Samba increased as much as 3.1 percent, the largest intra-day gain in a month, to 57.5 riyals.
Saudi Research & Marketing Group surged as much as 9.9 percent, the most since April 2009, to 19.9 riyals. The newspaper publisher said second-quarter profit increased to 35.3 million riyals ($9.4 million) from 10.7 million riyals in the year-earlier period.
Saudi Arabian Mining Co. rose 5.3 percent, the most in almost six weeks, to 17.95 riyals. The state-owned metals producer, known as Ma’aden, started a trial run of a phosphate plant that will commence operations in the fourth quarter.
“The market is expected to continue dominated by the earnings reports,” Malick said.
Saudi Arabia’s index is the only Arab Gulf index tracked by Bloomberg that trades on Saturday.
Bloomberg
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
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