Sunday 26 December 2010

Safco Climbs to 26-Month High, Samba Falls as Saudi Shares Little Changed - Bloomberg

Saudi Arabian shares were little changed on the first day of the week as international markets started extended holidays and investors prepare for the release of fourth-quarter results in the kingdom.

The Tadawul All Share Index swung between gains and losses during the day’s trading, ending down less than 0.1 percent at the 3:30 p.m. close in Riyadh to 6609.14, the lowest since Dec. 21. Banks, led by Samba Financial Group, Saudi Arabia’s second- largest lender by market value, drove declining stocks, while petrochemicals led by Saudi Arabian Fertilizer Co., a unit of Saudi Basic Industries Corp., the world’s largest petrochemicals maker, paced gaining shares. The 146-company gauge has climbed 8 percent this year.

“The market is flat on extended holidays and light trading in international markets until the new year,” Asim Bukhtiar, an equity analyst at Riyad Capital, said in Riyadh. “Holiday shopping has encouraged an optimistic outlook for 2011.”

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