Saudi Arabia’s benchmark stock index swung between gains and losses on speculation investors are adjusting their holdings ahead of a budget report by the Arab world’s largest economy.
Etihad Etisalat Co. (EEC), the kingdom’s second-largest phone company known as Mobily, dropped 0.5 percent. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker which accounts for 12 percent of the index, was unchanged. The Tadawul All Share Index (SASEIDX) dropped 0.1 percent to 6,373.37 at 1:07 p.m. in Riyadh, trimming the monthly gain to 4.4 percent. The gauge (KWSEIDX) earlier rose as much as 0.3 percent. The Bloomberg GCC 200 Index (BGCC200) weakened 0.3 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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