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Saudi index posts two week high
Saudi Arabia’s Tadawul All-Share Index posted gains on world equities and oil prices.
July 12, 2010 8:36 by Samuel Potter
Saudi Arabia’s Tadawul All-Share Index (TASI) hit a two-week high on Sunday, buoyed by steady earnings and end-of-week gains in world equities and oil prices as similar sentiment lifted most Middle East bourses.
Saudi Basic Industries Corp (SABIC) climbed 1.1 percent to SR90.50. The petrochemicals producer is forecast to make a second-quarter profit of SR5.62 billion according to a Reuters poll.
The benchmark rose 0.66 percent to 6,241 points, its fourth gain in five days. Sector activity was mixed with 8 out of 15 sectors closing with gains ranging from 0.18 percent by the Cement Sector to 1.46 percent by the Petrochemical Industries Sector. Losses ranged from 0.02 percent in Energy & Utilities to 2.27 percent in Media & Publishing.
The overall market breadth was negative with 57 advancers against 68 decliners giving it an AD ratio of 0.83, the Financial Transaction House (FTH) said in its daily market commentary.
Riyad Bank rose 1.1 percent, bolstered by its proposed a SR0.6 half-year dividend. Banque Saudi Fransi climbed 3.7 percent, extending gains since reporting above-forecast quarterly earnings as lending and non-lending income increased.
Egypt’s secondary index rose 4.5 percent, its largest gain since April 2009 after Khaled Serry Siam was appointed the chairman of the Egyptian Exchange, replacing Maged Shawky.
Dubai’s index hit a two-week high, but volumes tumbled, with longer-term investors remaining cautious. Emaar Properties climbed 1.6 percent and Dubai Financial Market added 1.4 percent.
Oman’s index rose for a seventh session, adding 0.4 percent. Bank Muscat, which is forecast to report a 120 percent rise in second-quarter profit, climbed 1.7 percent.