Saudi Stocks Rise Most in 4 Months, Led by Property Companies
Saudi Arabia’s benchmark stock index gained the most in more than four months, led by real estate developers and petrochemical companies.
Dar Al Arkan Real Estate Development Co. (ALARKAN) gained the most in more than 10 months, while Jabal Omar Development Co. (JOMAR) rose to the highest since December 2007. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical maker, also known as Sabic, increased to the highest in more than a month.
The Tadawul All Share Index (SASEIDX) gained 1.1 percent to 7,229.02 by the 3:30 p.m. close in Riyadh, the most since Jan. 2, according to data compiled by Bloomberg. Saudi Arabia’s bourse is the only one in the Persian Gulf that trades on Saturdays.
Today’s increase follows a slide which occurred after “profit-taking that occurred specifically in the last three trading sessions,” Turki Fadaak, head of research and consultancy at Albilad Investment Co., said in an e-mailed note.
Dar Al Arkan climbed 9.6 percent to 9.15 riyals, and Jabal Omar rose 5.6 percent to 28.4 riyals. Sabic increased 0.8 percent to 92 riyals.
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