Saudi Arabian shares swung between gains and losses after worse-than-estimated earnings at Saudi banks offset optimism surging oil prices would further bolster the economy of the world’s largest crude producer.
Al Rajhi Bank (RJHI), Saudi Arabia’s largest publicly traded lender by market value, and Samba Financial Group (SAMBA) tumbled, while Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, climbed to the highest level in three months.
The 146-company Tadawul All Share Index advanced less than 0.1 percent to 6,606.83 at 12:56 p.m. in Riyadh, the gauge’s largest gain since April 13, as more than two stocks climbed for every one that dropped.
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