19/04/2011
TASI up slightly
Saudi Arabia's Tadawul All-Share Index (TASI) edged up slightly to close at 6,533.34 points, with banks and Etihad Etisalat (Mobily) supporting on first-quarter earnings. The stock market turnover exceeded SR5 billion on Monday.
Mobily rose 0.5 percent after reporting a 40 percent growth in first-quarter net profit late Sunday, coming in just below the average forecast by analysts polled by Reuters.
Al-Rajhi Bank and Banque Saudi Fransi rose 0.3 and 0.9 percent respectively.
"Investors need to keep in mind going forward that there is already a lot of positive news priced into the market at these levels," said Amro Halwani, a senior trader at Shuaa Capital in Riyadh.
After market close, Saudi Basic Industries Corp. (SABIC) reported first-quarter results with net profit rising 42 percent, widely beating forecasts.
