Saudi Arabian shares gained the most in a week, led by petrochemical companies and banks, after U.S. Federal Reserve Chairman Ben S. Bernanke said he is prepared to do more to stimulate U.S. growth.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, climbed the most in a week. Almarai Co., the kingdom’s biggest food producer, jumped 4.7 percent after saying a new infant formula plant will start production in May. Samba Financial Group (SAMBA) advanced the most in more than a month. The Tadawul All Share Index rose 0.7 percent, the most since April 21, to 7,594.57 in Riyadh at 12:48 p.m. The 152-member index has increased 18 percent this year.
The forecasts by the U.S. Federal Reserve “for growth and unemployment may have a positive impact on the Saudi market, particularly the petrochemical sector,” Turki Fadaak, head of research at Riyadh-based Albilad Investment Co., said.
No comments:
Post a Comment