Saudi Arabia’s benchmark stock index rose to the highest level in almost two weeks yesterday, led by Savola Group and Saudi Arabian Cement Co as earnings beat estimates, Bloomberg said.
Savola, a food retailer, advanced to a more than six-year high, while Saudi Arabian Cement, the kingdom’s second-biggest producer of building materials by market value, climbed to its strongest finish since March 20.
The Tadawul All Share Index gained 0.3% to 7,149.97, the highest since April 14, at the 3.30pm close in Riyadh.
“Today’s (Saturday) trading session follows the completion of first- quarter earnings results being released, which showed an increase in cement, agricultural and food-processing sectors, which is evident in today’s trading led by Savola,” Turki Fadaak, head of research and consultancy at Albilad Investment Company, said in an e-mail.
Savola posted a 22% increase in first-quarter profit and said it expects net income to increase further in the three months through June. Saudi Arabian Cement posted a 4.5% increase in first-quarter profit to 340.3mn riyals.
Savola rose 2.2% to 47 riyals and Saudi Arabian Cement climbed 0.8% to 96.5 riyals.
Saudi Arabia’s stock exchange is the only Gulf bourse that operates on Saturdays.
