Saudi Market Closes at One-Month High Led by Kayan Petrochemical
Saudi Arabian stocks rose to the highest in almost a month, led by petrochemical and telecommunications companies.
The Tadawul All Share Index (SASEIDX) gained 0.2 percent to 7,220.42, the highest since April 13, at the 3:30 p.m. close in Riyadh. Saudi Kayan Petrochemical Co. (KAYAN), a unit of Saudi Basic Industries Corp., advanced the most in more than 5 weeks, while Saudi Telecom Co. (STC) climbed to the highest in almost two months. Yanbu Cement Co. (YNCCO) rallied to a level last seen on July 11 2006.
The gain in the benchmark index for a fourth consecutive week has been mainly driven by “positive momentum, especially in sectors that rely on domestic demand,” Turki Fadaak, head of research and consultancy at Albilad Investment Co., said in an e-mail. “I think that some of the sectors that increased significantly since April 2 are ready for profit-taking.”
Kayan rose 1.8 percent to 11.4 riyals, and STC climbed 1.3 percent to 39.8 riyals. Yanbu Cement Co. added 1.8 percent to 70.75 riyals
Saudi Arabia’s stock exchange is the only Persian Gulf bourse that trades on Saturdays.
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