Saudi Arabian stocks rose, snapping four days of losses, after Riyad Bank, the kingdom’s third- biggest by market value, reported profit that beat estimates.
The Tadawul All Share Index rose 1 percent to 6,326.19 today, the highest since Nov. 25, as banking stocks climbed. The gain brings the benchmark’s gain this year to 3.3 percent after its 27.5 percent rise in 2009. Saudi Arabia is the only Arab market monitored by Bloomberg that is open on Saturdays. The market shuts on Thursday and Friday for the weekend.
Riyad Bank said after the close of trading on Wednesday Jan. 13 that net income advanced 15 percent to 3.03 billion riyals ($808 million) in 2009, beating the 2.81 billion-riyal median estimate 10 analysts surveyed by Bloomberg. The stock jumped 6.9 percent to 27.8 riyals today.
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