Saudi shares end higher on banks, telcos

All-share TASI index closes a volatile session 0.68% higher at 6,296 points.
Saudi shares end higher on banks, telcos
STOCK WATCH: Most significant gains were made by banking stocks.(Getty Images)
By Souhail Karam
Sat 14 Nov 2009 12:57 PM

Saudi shares ended higher, helped mainly by gains in telecom and banking stocks, whose year-to-date gains are weaker than the other heavyweight sector of petrochemical firms.

The all-share TASI index closed a volatile session 0.68 percent higher at 6,296 points, its highest level since Nov 8.

Most significant gains were made by banking stocks with the two- biggest listed lenders
Al-Rajhi Bank

and
Samba Financial Group

adding 2 percent and 1.5 percent higher respectively.

Largest-listed telecom stock
Saudi Telecom

ended 1.5 percent higher, while the market's biggest company by market capitalisation,
Saudi Basic Industries Corp (SABIC)

ended unchanged at 81.5 riyals.

On a year-to-date basis, the banking and financial stocks index gained 22.7 percent and the telecoms index rose 13.2 percent. This compared with 31.1 percent for the all-share TASI index and 67.7 percent for the petrochemical index. (Reuters)

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