Saudi Arabian shares gained for a second day after Saudi Telecom Co. (STC) and food producer Savola Group (SAVOLA) reported an increase in profit and as Ramadan, the month when Muslims fast from sunrise to sunset, began.
Saudi Telecom Co., the kingdom’s largest phone company, advanced 3.3 percent after profit beat analysts’ estimates. Savola headed for the biggest jump since April 17 after profit surged 48 percent. Saudi Basic (SABIC) Industries Corp., the world’s biggest petrochemical maker, advanced to the highest intraday level since July 10. The Tadawul All Share Index (SASEIDX) gained 0.3 percent to 6,645.6 at 1:25 p.m. in Riyadh, bringing the gain for the year to 3.6 percent.
“Volumes are expected to be light as Ramadan gets under way,” Asim Bukhtiar, head of research at Riyad Capital, said in response to e-mailed questions. “With the earnings season winding up, investors will take time to absorb the results and take positions accordingly. Saturday trading does tend to respond to Friday closing on the international markets.”
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