Saudi Arabian stocks advance
Monday, 14 September 2009
RIYADH, Sept. 12 (Bloomberg) -- Saudi Arabian stocks rose, following a rally in emerging market stocks yesterday, paced by gains in Saudi Basic Industries Corp, the world's biggest chemicals maker.
The Tadawul All Share Index added 1.3 per cent to 5,786.05 at the close of trade. Saudi Basic Industries Corp., or SABIC, jumped 3.1 per cent to 74.75 riyals, its highest finish since Nov. 4, 2008. Al Rajhi Bank, the largest publicly traded lender in Saudi Arabia, rose 1.1 per cent to 68.25 riyals.
Developing-nation stocks climbed yesterday, sending the MSCI Emerging Markets Index to its biggest weekly gain since July, on signs the economies of Brazil, Russia, India and China are emerging from the global recession faster than investors had predicted. The MSCI index rose 0.8 per cent as of 5 p.m. in New York yesterday, bringing its gain this week to 4.8 per cent.
Saudi Electricity Co., the state-controlled power producer, jumped by the most this year, rising 4.2 per cent to 9.95 riyals. Arab National Bank, Saudi Arabia's sixth-largest publicly traded lender, climbed 1.6 per cent to 43.7 riyals.
Saudi Arabia's benchmark share index has risen 40 per cent since hitting a year's low on Mar. 9 as oil prices rebounded on signs that the global recession may be easing.
The Saudi economy, the Arab world's biggest, is set to contract 0.9 per cent this year after expanding 4.6 per cent in 2008, according to the International Monetary Fund. The government is spending $400 billion over the next five years to build infrastructure, create jobs and stimulate growth. Saudi Arabia is the only Arab market monitored by Bloomberg that is open Saturdays.
The Tadawul All Share Index added 1.3 per cent to 5,786.05 at the close of trade. Saudi Basic Industries Corp., or SABIC, jumped 3.1 per cent to 74.75 riyals, its highest finish since Nov. 4, 2008. Al Rajhi Bank, the largest publicly traded lender in Saudi Arabia, rose 1.1 per cent to 68.25 riyals.
Developing-nation stocks climbed yesterday, sending the MSCI Emerging Markets Index to its biggest weekly gain since July, on signs the economies of Brazil, Russia, India and China are emerging from the global recession faster than investors had predicted. The MSCI index rose 0.8 per cent as of 5 p.m. in New York yesterday, bringing its gain this week to 4.8 per cent.
Saudi Electricity Co., the state-controlled power producer, jumped by the most this year, rising 4.2 per cent to 9.95 riyals. Arab National Bank, Saudi Arabia's sixth-largest publicly traded lender, climbed 1.6 per cent to 43.7 riyals.
Saudi Arabia's benchmark share index has risen 40 per cent since hitting a year's low on Mar. 9 as oil prices rebounded on signs that the global recession may be easing.
The Saudi economy, the Arab world's biggest, is set to contract 0.9 per cent this year after expanding 4.6 per cent in 2008, according to the International Monetary Fund. The government is spending $400 billion over the next five years to build infrastructure, create jobs and stimulate growth. Saudi Arabia is the only Arab market monitored by Bloomberg that is open Saturdays.