"Halwani Brothers Co. (HB) climbed the most in more than two weeks on bets the Saudi Arabian food producer’s sales will increase next month during Ramadan, when Muslims fast in the daytime and hold feasts in the evening.
The Jeddah-based company’s shares climbed 4.9 percent, the biggest advance since June 9, to 59.5 riyals at the close in Riyadh. The stock was the second-biggest gainer in percentage terms on the benchmark Tadawul All Share Index, which rose 0.2 percent. Volume in the stock increased to 2.1 times the three-month daily average.
Retailers in the kingdom, which is home to Islam’s two holiest sites, tend to post greater sales during Ramadan, which is set to start around July 9. The country of about 28 million people also hosts more than 10 million Muslim pilgrims throughout the year, many of whom journey to Mecca during Ramadan to perform the umrah pilgrimage. The Tadawul All Share Agriculture & Food Industries Index has jumped 19 percent this year, outpacing the main index’s 11 percent advance."
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