Monday 18 October 2010

Saudi Shares Advance Second Day as Earnings Beat Estimates; Sabic Gains - Bloomberg

Saudi Arabia’s stocks rose a second day, driven by gains in Saudi Basic Industries Corp. after the world’s biggest petrochemicals maker said third-quarter profit surged 46 percent, beating expectations.

Sabic advanced to the highest intraday level in a week after net income soared to 5.33 billion riyals ($1.4 billion). Etihad Etisalat Co., Saudi Arabia’s second-largest mobile-phone company known as Mobily, gained a third day after quarterly profit rose 41 percent. The Tadawul All Share Index rose 0.4 percent to 6,286.13, the highest level since Oct. 16, at 1:47 p.m. in Riyadh. The Bloomberg GCC 200 Index of Gulf region stocks rose 0.5 percent.

“Excellent results from Sabic and Mobily” are driving stocks higher, said Ahmed Talhaoui, Abu Dhabi-based head of investment at Royal Capital. The earnings are in “sharp contrast with the poor results from banks released a week ago.”

No comments:

Post a Comment