04/07/2011
Saudi index hits 4-week high, investors eye Q2 results
Saudi Arabia's shares hit a four-week high, as investors built positions ahead of second-quarter earnings.
The benchmark edged 0.1 percent higher to 6,660 points, its highest close since June 1.
"Banks are starting to make a move, expectations on earnings look pretty decent," said a Riyadh-based fund manager on condition of anonymity.
"Investors will concentrate on what's going on locally. Things are looking good," he added.
Al-Rajhi Bank, the largest Saudi bank by market value, gained 1 percent and Riyadh Bank rose 1.7 percent.
Saudi Basic Industries Corp (SABIC) and Saudi Arabian Fertilizers Co (Safco), two of the largest petrochemical stocks by market value, also rose 0.5 and 1.2 percent respectively.
Property stocks helped Dubai's index make its largest one-day gain in 15 weeks and Qatar shares also end higher.
