Saudi Arabian Shares Snap Four-Day Losing Streak, Led by Kingdom
Saudi Arabian stocks ended four days of losses, boosted by banks and fertilizer and investment companies, even as the benchmark index remained below 7,000 points.
The Tadawul All Share Index added 0.2 percent to 6,991.97 by the close in Riyadh today, with Kingdom Holding Co. gaining 6.8 percent to 21.9 riyals, the highest level in more than five years. Saudi Arabian Fertilizer Co. advanced 3 percent, the biggest intraday gain since Dec. 8, while Al Rajhi Bank, the kingdom’s biggest lender by market value, climbed 0.4 percent.
The market opened with “modest gains” before easing and then rebounding “with an aim to return back above 7,000 points,” Mohammed Al-Omran, a financial analyst and president of the Gulf Center for Financial Consultancy in Riyadh, said in an e-mailed response to questions. “I think there are no major motives for the market in general and this is why the direction is not clear,” he said.
Saudi Arabia’s stock exchange is the only Persian gulf bourse that operates Saturdays.
To contact the reporter on this story: Deema Almashabi in Riyadh at email@example.com
To contact the editor responsible for this story: Shaji Mathew at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.