Saudi bourse rises again as foreigners move in

by Andy Sambidge Sunday, 24 August 2008

Saudi Arabia's benchmark extended gains on Sunday after making its biggest one-day gain since April 2007 the previous day as investors piled into blue chips on a new rule that allows foreigners to buy shares through intermediaries.

Riyad bank rose 3.6 percent and Samba Financial Group gained 2.1 percent.

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The benchmark, up more than 5 percent on Saturday, jumped a further 0.88 percent to 8,981.96 points.
Meanwhile, the Bahrain Stock Exchange will reduce its trading hours by 30 minutes during Islam's holy month of Ramadan, it said on Sunday.

Trading will begin at 10am local time during the lunar month which coincides with September and end at 12.30pm, the bourse said in a statement on its website. The session normally starts at 9.30am.



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