Saudi shares gain on strong earnings amid oil advance

11/07/2010 00:00 AST

Saudi shares gained the most in a month yesterday after second-quarter earnings came in above analysts’ expectations and as US and European stocks rose and crude oil prices advanced.

The Tadawul All Share Index rose 2.4% to 6,200.26, the highest level since June 28. The gauge gained 0.4% last week.

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 rise, as all 15 industry groups climbed.

“The market response is strong on the better-than-expected second-quarter earnings,” said Younas Malick, senior economist at the National Commercial Bank in Jeddah. “The results of 16 companies combined shows strong 21.4% net-earnings growth during the January-June period.”

Saudi Basic, or Sabic, soared 5.3%, the most since May 29, to 89.5 riyals. Al Rajhi rose 2% to 76.5 riyals. Samba increased 3.1%, the largest one-day gain in a month, to 57.5 riyals.


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