CAIRO: Saudi Arabia markets started the week on a high note, ending Saturday trading with gains the highest in almost three months. The jump came on the back of the country's second-largest phone operator post recent earnings far surpassing expectations. Etihad Etisalat, which trades as Mobily, advanced to its highest closing price in almost a year after reporting quarterly profit that beat analysts' estimates. Saudi Basic Industries, the world's largest petrochemicals maker, gained the most in 6weeks. The Tadawul All Share Index (SASEIDX) jumped 1.4 percent to 6,464.17 at the close in Riyadh, the gauge's biggest increase since October 29. More than three shares climbed for every one that dropped. “The fact is this is reporting time and investors and traders are always excited when they see positive reports and this means people are adjusting their positions,” an equity analyst in Riyadh told Bikyamasr.com. Mobily rallied 3.7 percent to 55.75 Saudi riyals, its highest price since January 26 last year. The Riyadh-based company said after the close of the Saudi market on January 18 that fourth-quarter profit climbed 16 percent to 1.7 billion riyals ($453 million) as revenue from data services increased. That beat the mean estimate of nine analysts who forecast a profit of 1.48 billion riyals. The company said it plans to pay a dividend of 2 riyals a share for the second half. Sabic contributed the most to the index's rally, adding 1.6 percent to 93.25 riyals. Al-Rajhi Bank, the kingdom's largest publicly traded lender by assets, increased for a second day, gaining 1.1 percent to 72.50 riyals, Reuters news agency reported. BM ShortURL: http://goo.gl/574hN Tags: Market, Mobily, Stocks Section: Business, Latest News, Saudi Arabia
