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Wednesday, 22 February 2012

Saudi Shares Rise to Three-Year High on Bets Bourse May Open Up - Bloomberg

Saudi Arabia’s stock index advanced to the highest level in more than three years on investor speculation the Arab world’s biggest stock market may this year open up to foreign investors.
Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, gained to the highest level since August. Al-Rajhi Bank (RJHI), Saudi Arabia’s largest publicly traded lender by market value, rose 1.3 percent. The Tadawul All Share Index (SASEIDX) climbed 0.9 percent to 7,031.26, the highest since September 2008, at the 3:30 p.m. close in Riyadh, bringing its increase this week to 3.2 percent. The Bloomberg GCC 200 Index (BGCC200) added 0.5 percent.
“Some investors in regional markets are putting money into Saudi Arabia with the view that the bourse may soon open up to direct foreign ownership,” said Asim Bukhtiar, an equity analyst at Riyad Capital. “Volumes have been going up in Saudi Arabia but are generally muted in regional bourses.”