Saturday 31 July 2010

Saudi Shares Climb, Sending Tadawul Index Higher for First Month in Three - Bloomberg

Saudi Arabian shares rose, with the Tadawul All Share Index recording the third-biggest monthly gain in a year, following flat trading in U.S. and European shares.

The 143-company gauge rose 0.3 percent to 6283.73, the highest since June 28, at the 3:30 p.m. close in Riyadh, after falling as much as 0.2 percent. Al Rajhi Bank, the biggest publicly traded lender in Saudi Arabia, was the leading mover, while Samba Financial services, the kingdom’s second biggest lender by market value, drove lagging movers. Tadawul gained 3.1 percent in July, the highest monthly gain since March.

“Today’s small uptick is nothing to call home about,” said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh. “Oil has been hovering in the high $70s and global equities have been rather flat as the summer lull is taking hold in Europe and the U.S.”

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