Saturday 7 January 2012

Saudi shares climb to five-month high on global manufacturing reports - bi-me.com

Saudi Arabian shares gained, led by banks, as manufacturing reports bolstered global economic optimism before the release of earnings in the Arab world's biggest economy.

The Tadawul All Share Index increased 0.7% to 6,449.93, the highest level since August before closing at 6,426.98 or 0.3% higher in Riyadh. The Middle East’s largest bourse has gained 0.5% so far this year.

Al Rajhi Bank (RJHI), the kingdom’s largest lender by market value, rose the most since March 20. Halwani Brothers Co. (HB) advanced the most since December 24 after announcing plans to increase its meat processing capacity in Egypt. Yamamah Cement Co. (YACCO) gained the most in almost two weeks after releasing earnings results.

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