Saudi Arabia: Tadawul Leads Gulf Gains at 14-Month High

JEDDAH, 17 December 2007 -- Saudi Arabia's bourse closed at its highest in more than 14 months yesterday, leading gains in the Gulf Arab region, led by Saudi Basic Industries Corp. (SABIC) and Kingdom Holding Co. The index added 1.07 percent to 11,045.63 points.

SABIC gained 1.46 percent and Kingdom Holding, which had closed unchanged in the last three trading days, jumped 8.51 percent to 12.75 riyals ($3.40), its highest close since listing in July.

The Saudi index has rallied more than 40 percent this quarter, more than any other Gulf benchmark.

Yesterday's trading yielded SR13.3 billion with total shares traded reaching 384,942,527.

Kingdom, APPC, Saudi Kayan, Industrialization and Glass were the top gainers, with closing prices at SR12.75, SR51.75, SR24.75, SR53.75 and SR69.25, or 8.51 percent, 7.81 percent, 7.60 7.60, 6.43 percent and 5.72 percent increase, respectively.

Top losers were Malath Insurance, RIBL, Saudi Fransi, Thim'ar and ACIG, registering losses of 5.14 percent, 2.75 percent, 2.12 percent, 2.07 percent and 1.89 percent, respectively.

Shares of Kingdom Holding Co. jumped more than 8 percent, bucking a downtrend on the Saudi bourse. The stock jumps 8.51 percent, the only gainer among the 10 largest firms. It has closed unchanged in the last three trading days.

Saudi Arabia's main index extends declines into a second trading day, led by banking stocks. The index fell 0.72 percent to 10,849.87 points. It closed lower for the first time in four trading days on Saturday. Al-Rajhi Bank fell 1.18 percent and Riyad Bank 4.26 percent.

In neighboring bourses, Oman Telecommunications Co. (Omantel) helped Muscat, the Gulf's best-performing index this year, extended gains for the fourth time in five trading days, while Sorouh Real Estate drove the 10th straight day of gains in Abu Dhabi.

Bahrain's Gulf Finance House lifted Kuwait's index for a second day after the Islamic investment bank said it had signed a deal to develop a $10 billion economic zone near Mumbai. Markets in Dubai and Qatar fell and Bahrain's bourse was closed for a national holiday.

The Abu Dhabi the index, the Gulf's second-best performer this year, rose 0.5 percent to 4,543.14 points. The benchmark has rallied 12 percent in an uninterrupted 10-day rally that began on Nov. 29.

The main Kuwait index climbed 0.39 percent to 12,287.80 points. It is down 6.8 percent since hitting a life high on Oct. 21.

In Dubai, the benchmark slipped 0.11 percent to 5,744.62 points, declining for a third trading day.

In Qatar, the index fell for a fifth trading day, shedding 0.17 percent to 9,470 points.