Saudi Shares Rise as Mobily Posts Profit That Beats Estimates
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Saudi Arabian shares rose for a second trading day, led by Etihad Etisalat Co. after the telecommunications company reported fourth-quarter profit that beat analysts’ estimates.
The company, known as Mobily, gained 1.4 percent to 72 riyals. Alinma Bank increased 2.2 percent to 13.8 riyals and Almarai Co., the biggest food producer in the Persian Gulf, climbed 1.9 percent to 66.25 riyals. The Tadawul All Share Index was up 0.2 percent to 7050.38 at the 3:30 p.m. close in Riyadh. The Arab world’s biggest stock exchange has gained 3.7 percent this year.