Saudi shares gain most in four weeks

16/01/2011 00:00 AST

Saudi Arabian shares, led by banks, gained the most in four weeks as fourth-quarter earnings beat analysts’ estimates and after US stocks rose and crude oil prices advanced.

Al Rajhi Bank, Samba Financial Group and Banque Saudi Fransi paced the advance. Saudi Basic Industries Corp, the world’s largest petrochemical maker, climbed 1.2 per cent to its highest price in more than two years. The 146-company Tadawul All Share Index advanced 0.9 per cent to 6,766.72 at 1:19pm in Riyadh, the gauge’s largest gain in four weeks, as more than two stocks increased for every one that dropped.

“Investors are breathing a sigh of relief from the better- than-expected earnings from the four banks that reported late last week,” Asim Bukhtiar, an equity analyst at Riyad Capital, said.

Al Rajhi gained 0.9 per cent to SR83 and Samba jumped 3.3 per cent to SR62.50, the shares’ largest advance in a month. Banque Saudi Fransi climbed 4 per cent to SR46.70, the biggest gain in 12 weeks. The Saudi lender part-owned by Credit Agricole SA said fourth-quarter profit doubled to SR709 million as loans and customer deposits increased.

Saudi Hollandi Bank surged 7 per cent to SR32.20, the largest jump in more than four months. The bank partly owned by ABN Amro Bank NV reported a fourth-quarter profit of SR224.6 million compared with a loss of SR439.4 million a year earlier. Sabic added 1.2 percent to SR109.50, the shares’ highest price in 28 months.


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