Saudi Arabia’s benchmark stock index gained to the highest level in almost five months ahead of a budget report by the Arab world’s largest economy.
Yamamah Saudi Cement Co. (YACCO), the kingdom’s third-largest cement company by market value, and Yanbu Cement Co. (YNCCO)rallied to the highest level in more than three years. The Tadawul All Share Index (SASEIDX) rose 0.5 percent to 6,414.47 at the 3:30 p.m. close in Riyadh, the highest level since Aug. 3. The gauge has advanced 5.1 percent so far this month. Bahrain’s measure (BHSEASI) rose the most since March, gaining 1.3 percent.
“Volumes on the Tadawul are climbing up in the final days of 2011,” said Asim Bukhtiar, an equity analyst at Riyad Capital. “The anticipated budget announcement and year-end positioning are the contributing factors.”
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