Saudi Arabia’s benchmark stock index rose to the highest in two weeks, led by Saudi Arabian Fertilizer Co., as Egypt’s President Hosni Mubarak stepped down and OPEC raised its oil demand forecast.
Safco, a unit of Saudi Basic Industries Corp., soared to the highest in more than two years. Mobile Telecommunications Co. of Saudi Arabia climbed after Bahrain Telecommunications Co. submitted an offer to acquire a stake in the company also known as Zain Saudi Arabia.
The Tadawul All Share Index gained 0.5 percent to 6,646.81, the highest intraday level since Jan. 29, at 1:21 p.m. in Riyadh. Yesterday, Egypt’s default risk dropped and the North African country’s bonds rallied.
No comments:
Post a Comment