Saudi Arabian shares rose for the first time in 11 days, snapping the longest losing streak in 20 months, as regional tensions eased and investors speculated the holiday shopping season in the U.S. will boost the economy.
Etihad Etisalat Co. (EEC), the second-largest telecommunications operator in Saudi Arabia also known as Mobily, had the biggest gain in almost three weeks, and Samba Financial Group (SAMBA), the kingdom’s second-biggest lender, jumped to a one-week high.
The Tadawul All Share Index (SASEIDX) gained 0.7 percent, the biggest advance since Nov. 6, to 6,653.74 at 2:55 p.m. The gauge fell 4.8 percent in the previous 10 days to a four-month low. The benchmark index’s relative strength index closed at 29 on Nov. 21. A reading below 30 signals an asset will rebound, according to some technical analysts. The Arab world’s biggest bourse has gained 3.7 percent this year.
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