ICEC

Saudi shares gain profits

Saudi Arabian shares rose after signs of an improving U.S. economy and progress on a bailout for Greece bolstered the outlook for fuel demand.

The kingdom’s biggest cement producer by market value – Southern Province Cement Co. (SOCCO) – reached its highest intraday price since August 2006, and . National Industrialization Co. (NIC), known as Tasnee, rose for the fifth day in six.

The Tadawul All Share Index (SASEIDX) rose 0.2% to 6,827.93 at 12:53 p.m. in Riyadh, and the 151-member measure has gained 6.4 percent this year, as more than four stocks rose for every stock that fell.

Turki Fadaak, head of research at Riyadh-based Albilad Investment Co. said that “The market is gaining momentum on positive data from global markets and after the Dow Jones rose to its highest level in more than three years,” and he mentioned that investors are also optimistic the Greek debt issue will be resolved this Monday.

Agencies

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