Saudi Arabia’s shares rose the most in almost a month as investors bought shares of petrochemical companies in anticipation of better-than-expected earnings from Saudi Basic Industries Corp.
Sabic, the world’s biggest petrochemical maker, gained the most since July 10 before reporting a 46 percent increase in third-quarter earnings after markets closed. Astra Industrial Group, a company with interests in pharmaceutical, chemical and fertilizers, climbed 2.2 percent, after third-quarter profit rose. Yanbu National Petrochemicals Co. added 3.1 percent. The Tadawul All Share Index snapped four days of losses, rising 0.5 percent, the most since Sept. 20, to 6,260.55 at the 3:30 p.m. close in Riyadh. Most Middle East markets were little changed.
“Investors took advantage of the selloff, seeing recent pullbacks as overdone ahead of Sabic’s results,” said Amro Halwani, a trader at Shuaa Capital PSC in Saudi Arabia.
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