Saudi Arabian shares rose for a second trading day, led by Etihad Etisalat Co. (EEC) after the telecommunications company reported fourth-quarter profit that beat analysts’ estimates.
The company, known as Mobily, gained 1.4 percent to 72 riyals. Alinma Bank increased 2.2 percent to 13.8 riyals and Almarai Co. (ALMARAI), the biggest food producer in the Persian Gulf, climbed 1.9 percent to 66.25 riyals. The Tadawul All Share Index was up 0.2 percent to 7050.38 at the 3:30 p.m. close in Riyadh. The Arab world’s biggest stock exchange has gained 3.7 percent this year.
“The outstanding results of Mobily’s fourth-quarter earnings played a major role in driving the index to reverse the trend from red to green,” said Mohammed Al-Omran, a financial analyst and president of the Gulf Center for Financial Consultancy in Riyadh.
Etihad Etisalat today reported an 11 percent increase in profit because of higher revenue from subscriber roaming charges and data services.
Saudi Arabia’s stock exchange is the only Persian gulf bourse operating Saturdays.
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