Funeral prayers for Nasser Mohammed Yousef Al Balushi and Abdul Aziz Saeed Sabt Al Tunaiji were held at Ajman mosque
Sabic advanced the most since January 3 after Standard & Poor’s affirmed its credit rating.
Saudi Telecom, the largest phone service provider in the Middle East, rose the most in three weeks after winning Bahrain’s third mobile phone license. Saudi British Bank climbed for a second day after announcing plans to boost its capital by 25 per cent.
The Tadawul All Share Index rose the most since November 29, rising 5.1 per cent to 4,786.83 in Riyadh.
The index has declined 0.3 per cent this year after losing more than half its value in 2008 as oil prices dropped.
Saudi Arabia’s largest publicly traded companies, including Kingdom Holding Co. and Saudi Telecom, have suffered the last six months as the global financial crisis ushered in the first simultaneous recession for six decades in the US, Japan and Germany.
Kingdom Holding, the investment company controlled by Prince Alwaleed bin Talal, posted a record quarterly loss of 31 billion riyals ($8.26 billion).
“Investors have already started rearranging their investments positions by minimising their exposure to stocks most affected by the financial crisis,” Bakheet Investment Group said in a January 21 weekly market report.
Sabic gained 8.9 per cent to 44.3 riyals. Standard & Poor’s affirmed the Saudi petrochemical maker’s A+ long-term and A-1 short-term corporate credit rating on Saudi Basis Industries Corp.
“The affirmation reflects Sabic’s solid balance sheet, strong cost position in the industry and still-sound profitability despite a material decline in the fourth quarter of 2008,” Standard & Poor’s credit analyst Tobias Mock wrote in a report on January 22.
Funeral prayers for Nasser Mohammed Yousef Al Balushi and Abdul Aziz Saeed Sabt Al Tunaiji were held at Ajman mosque
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