Saudi bourse rises for third straight day
Gains led by Almarai and Etihad Etisalat as investors weigh prospects in earnings season
Riyadh ( Bloomberg) Saudi Arabian shares rose for a third day yesterday, sending the benchmark index to its highest level in almost six months, as investors weighed prospects for earnings.
Almarai Co., t he kingdom’s l argest food producer, climbed to a threeweek high after saying it will increase its capital.
Etihad Etisalat Co., the country’s second- l argest phone company by market value, also known as Mobily, reached its highest price since October.
The Tadawul All Share Index strengthened 0.1 per cent to 6,494.77, the highest level since July 24, by the 3:30pm close in Riyadh.
The 150-member gauge erased a drop of as much as 0.3 per cent.
Fluctuating market
“The market is slightly swinging between gains and l osses as i nvestors form a full picture of the e a r ni ngs s e a s on,” s a i d Turki Fadaak, head of research at Riyadh-based Al Bilad Investment Co.
That will continue until the earnings season ends on Friday, he said.
Almarai gained 1 . 3 per cent to 100.25 Saudi riyals (Dh98), the highest price since December 24.
The Riyadh-based company plans to i ssue one b o n u s s h a r e f o r eve r y 1 . 353 held to raise its capital to 4 billion riyals from 2.3 billion.
Mobily rose 0.9 per cent to 54 riyals. Fawaz Abdul Aziz Al Hokair & Co., a clothing retailer, gained 2.7 per cent, the most since Dec-ember 28, to 66 riyals after saying prof it in the quarter through December surged 126 per cent to 76.5 million riyals on higher sales.
The company also recommended a nine-month dividend of two riyals a share.
Saudi Arabia’s stock exchange i s the only Gulf bourse open on Saturdays.