TASI rises to 7-month high
Saudi Arabian shares rose to a seven-month high, following US equity and oil price gains after economic data signaled the recovery in the world's largest economy may strengthen next year and boost fuel demand.
The Tadawul All-Share Index (TASI) gained 1 percent, the most in two weeks, to 6,563.58 points on Saturday, the highest level since May 12. The index has risen 3.9 percent since the start of December.
The sector activity for the day was all positive. The gaining sectors ranged from 0.08 percent by the Hotel & Tourism sector to 3.35 percent by the Real Estate Development sector. The overall market breadth for the day was positive with 98 advancers against 25 decliners giving it an AD ratio of 3.92, the Financial Transaction House (FTH) said in its daily market report.
The stock market turnover reached SR3.42 billion on Saturday.
Saudi Basic Industries Corp. (SABIC), the world's largest petrochemicals maker, and Al-Rajhi Bank, the Kingdom's largest publicly traded lender by market value, led the advance.
SABIC rose 1.7 percent, the most since Dec. 7, to SR105.50. Al-Rajhi Bank gained 1 percent to SR79.5. Jabal Omar Development Co., a real-estate developer, soared 10 percent, the most since Oct. 2008, to SR17.7.