30/05/2011
Saudi hits 4-month high; food stocks support
Saudi Arabia’s index edged up to a fresh four-month high as the agriculture and food sector index rose 0.8 percent and the construction benchmark added 1.5 percent.
Domestic demand drive these sectors and so they are often targeted as safe havens when global markets are shaky.
Tabuk Agriculture surged 9.8 percent.
"Bluechips are stable but liquidity is not going to the large cap stocks in Saudi," said a Riyadh-based fund manager on terms of anonymity. "Liquidity is moving from sector to sector - its more speculation with high turnover."
The main index edged up 0.05 percent to 6,755 points, rising for a fourth session to reach its highest close since January 17.
The value of Saudi traded shares reached nearly SR6 billion on Sunday.
