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Saudi Share Index Rises on Global Optimism
DUBAI — Saudi shares rose for a second day, led by banks and insurance companies, following gains in equity markets worldwide on optimism that the worst of credit crisis is over.
Al Rajhi Bank, the largest bank by market value in Saudi Arabia, climbed to its highest in more than five months, while Al Ahlia Cooperative Insurance led gains among insurers.
The Tadawul All Share Index rose 3.3 per cent, the most in two weeks, to 5,387.86 in early trading in Riyadh. The index has gained 12 per cent this year.
Finance chiefs from the Group of Seven predict the world economy will start to rebound later this year as evidence mounts that the worst of the recession is over, according to the draft of a statement to be released after talks in Washington on Friday.
Purchases of new homes in the US were higher than forecast in March, and German business confidence rebounded from a 26-year low this month, reports showed on Friday.
“The Saudi market is gaining on the positive momentum coming from the improved global sentiment,” said Ali Khan, head of cash-equity trading at Dubai-based investment bank Arqaam Capital Limited.
“We may see a bit of rebound in the regional markets, especially in the financial sector.”
Al Rajhi bank surged 5.8 per cent to SR68.25, its highest since November 10. Alahlia climbed 6.4 per cent to a seven-month high of SR50.
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