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Sat 2 Jan 2010 08:08 PM

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Tawadul Index rises by 0.3% on first day of trading

19.87 point rise to 6,141.63 is the highest gain since Dec 28th 2009.

Saudi Arabian shares rose in the first day of trading this year, 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 percent to close at 6,141.63, its highest since Dec 28. The index gained 27.5 percent last year after losing more than half its value in 2008 as oil prices dropped.

Etihad Etisalat rose 3.5 percent to 44.9 riyals, its highest since Nov 7, 2009.

Yanbu National, a unit of Saudi Basic Industries Corp, the world’s biggest petrochemicals maker, gained 2.7 percent to 34.3 riyals.

On Dec 30, Bakheet Investment Group, in its weekly stock market report, said: “The Saudi stock market will continue its narrow fluctuation following this week’s gains.”

It added: “However, investors will be eyeing the upcoming corporate results of listed companies for Q4 2009 to have a clear outlook regarding their performance under the current economic conditions.”

Saudi Basic Industries added 0.3 percent to 82.75 riyals. National Industrialization Co, the Saudi petrochemicals maker known as Tasnee, rose 1.8 percent to 28.6 riyals, its highest since Oct 24 last year.

Crude oil for February delivery rose 8 cents to $79.36 a barrel on the New York Mercantile Exchange Dec 31.

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