Kuwait City : Saudi Arabian shares rose in the first day of trading this year yesterday, led by Etihad Etisalat Co., the second-largest mobile phone company in the country, and Yanbu National Petrochemical Co.
The Tadawul All Share Index rose 0.3 per cent to close at 6,141.63, its highest since December 28. The index gained 27.5 per cent last year after losing more than half its value in 2008 as oil prices dropped.
Etihad Etisalat rose 3.5 per cent to 44.9 Saudi riyals, its highest since November 7, 2009. Yanbu National, a unit of Saudi Basic Industries Corp., the world's biggest petrochemicals maker, gained 2.7 per cent to 34.3 riyals.
"The Saudi stock market will continue its narrow fluctuation following this week's gains," Bakheet Investment Group said in its weekly stock market report on December 30. "However, investors will be eyeing the upcoming corporate results of listed companies to have a clear outlook."
