Saudi Shares Rise on First Trading Day After One-Week Holiday
Shares in Saudi Arabia, the only Gulf Arab stock open on Saturday, rose on the first day of trading after a week-long halt for Islamic celebrations.
The Tadawul All Share Index (SASEIDX) gained 0.1 percent to 6,800.82 at the close in Riyadh, the highest since Oct. 20. The 152- member index has climbed 6 percent this year.
Etihad Etisalat Co. (EEC), the telecommunications operator that posted a 23 percent rise in third-quarter profit, advanced 1 percent, the highest since July 2, 2006. Amana Cooperative Insurance Co. (AMANA) rose 7.8 percent.
Stocks of National Shipping Co. (NSCSA) of Saudi Arabia, known as Bahri, gained 5 percent today. The company said it will sign on Nov. 4 a fleet-merger pact with the state-owned Saudi Arabian Oil company, or Aramco, according to a statement on the Tadawul exchange website today.
“The first day’s trading after a long break does not give an accurate indication for the rest of the week,” Turki Fadaak, head of research at Albilad Investment Co. in Riyadh.
The Saudi bourse was closed Oct. 27-31 for the Islamic Eid al-Adha holiday, one of the holiest periods of the Muslim calendar. The bourse’s index had declined for four of the five days preceding the holiday.
Banks’ detailed reports showing provisions taken by lenders which are expected to come out within the next two weeks, will impact the shares’ performance, Fadaak said.
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