Saudi Arabia’s benchmark stock index advanced to the highest in almost two weeks as first- quarter profit at companies including Saudi Telecom Co. (STC) beat estimates and after oil rose for the first time in three days yesterday.
The Tadawul All Share Index (SASEIDX) climbed 1.4 percent to 7,618.07 at the 3:30 p.m. close in Riyadh, the highest since April 9. Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals company, whose profit last week exceeded analysts’ forecasts, increased 2 percent. Saudi Telecom, the kingdom’s largest phone- service provider, rose to the highest in more than a year after quarterly net income surged 60 percent.
“Sentiment is strong as first-quarter earnings at most Saudi companies are out, and positive,” said Turki Fadaak, head of research at Riyadh-based Albilad Investment Co. “Sabic’s earnings last week and the raising of the global economic forecast also boosted sentiment.”
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