Saudi Arabian shares rose on the first day of the week to the highest in almost eight months as investors anticipated year-end dividend payouts.
The 146-company Tadawul All Share Index climbed as much as 0.3 percent to 6,717.46, the highest intraday level since May 12, and was at 6,713.35 at 1:22 p.m. in Riyadh. Saudi Arabian Mining Co., the state miner known as Ma’aden, and petrochemicals maker National Industrialization Co., or Tasnee, advanced, while U.S. economic data and lower oil prices tempered the gains.
“Two countering factors were in play today,” Asim Bukhtiar, an equity analyst at Riyad Capital, said in Riyadh. “Investors were buying in for year-end dividends, while below- expectations employment figures in the U.S. and cooling-off commodities were holding back the gauge.”
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