22/06/2011
Tadawul ends losing streak, gains 1.4%
The Saudi bourse bounced back on Tuesday, tracking oil and gains in global shares, while Abu Dhabi Commercial Bank fell after a report warned the lender’s earnings could be diluted this year.
The Saudi index gained 1.4 percent, snapping a five-session losing streak, while most regional markets fell.
World stocks rose on Tuesday as expectations that the euro zone will avoid a messy default of Greek sovereign debt attracted investors back into risky assets.
“People were looking for any reason to buy back in - crude is up significantly which is helping and people are relatively optimist on Q2 numbers,” said a Riyadh-based fund-manager who asked not to be identified.
Only six Saudi stocks fell, as bellwether Saudi Basic Industries Corp gained 2 percent, Al-Rajhi Bank climbed 1.4 percent and Saudi Kayan Petrochemicals rose 1.9 percent.
Oil rose on Tuesday from a dive to a four-month low in the previous session.
