Saudi stocks maintain recovery

08/02/2011 00:00 AST

Saudi stock benchmark Tadawul All Share Index (TASI) closed 0.48 percent higher to 6, 616.41 points Monday, trimming its losses to 1.5 percent since Jan. 26, when protests in Egypt against President Hosni Mubarak’s rule sent the Kingdom’s stocks tumbling.

Institutions bought Saudi bluechips, which helped the Kingdom’s index rise for a fifth day, but further gains were limited as Egypt’s political turmoil spurred many individual investors to be cautious.

Saudi Basic Industries Corp (SABIC) climbed 0.5 percent to a 12-day high, while Etihad Etisalat (Mobily) and Kingdom Holding rose by the same margin, said Youssef Kassantini, a Saudi-based financial analyst.

“The market has rebounded, but we’re still affected by the Egypt situation and I doubt the index will move much higher for now – trading will be sideways,” he said. “Many people are worried about their investments in Egypt.”

Saudis have around $10 billion invested in their North African neighbor.


Saudi Gazette

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TASI 7,871.67 71.90 (0.92%)

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