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Saudi Shares Advance to Near Six-month High
DUBAI — Saudi stocks rose to the highest in almost six months, led by Saudi Basic Industries Corporation, after improved consumer confidence figures pushed US stocks higher.
Saudi Basic Industries, or Sabic, the world’s biggest chemical maker, climbed to its highest level since April 18.
The US Standard and Poor’s 500 Index increased to its highest since January on Friday after the Reuters/University of Michigan final index of consumer sentiment rose to 65.1, the second straight gain, from 57.3 in March.
“We expect the Saudi stock market to continue its step-wise rise during the coming period,” the Riyadh-based Bakheet Investment Group said in its weekly market report on April 29.
“We advise investors to trade based on the financial results and expectations of earnings growth.”
The Tadawul All Share Index, or TASI, rose 0.3 per cent to 5,644.11 in Riyadh, the highest level since November 10.
The index has gained 18 per cent this year after losing more than half its value in 2008 as oil prices dropped.
Sabic gained 1.9 per cent to SR50.75. The chemical maker’s gains are on investor “optimism about the improvement of the company’s performance in the coming months,” Bakheet said in its report.
Samba Financial Group gained 0.4 per cent to SR57.25.
On April 27, Deutsche Bank AG raised its price estimate for Samba to SR59 from SR52.3.
The Tadawul is the only Arab exchange monitored by Bloomberg that is open on Saturdays.
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