Middle East funds are bullish on Saudi Arabia's stock market despite concern it is getting richly valued, while they think the United Arab Emirates has bottomed out after a volatile few months, a Reuters survey showed.
Expectations of strong global demand for petrochemicals supported the uptrend in Saudi Arabia's stock market on Wednesday, lifting the bourse to a fresh six-year high, while Dubai builder Arabtec jumped on hopes that a key shareholder would
MubasherTrade Research, a unit of leading financial institution Mubasher Financial Services, has launched a list which highlights its top investment ideas across the Saudi market.
The KSA Favourite List comprises 16 equally-
Saudi shares closed higher on Saturday with gains in all sectors after oil prices rose on Friday for a third straight day. The all-share added 1.4 per cent to 7,481 points.
The oil prices posted weekly gains as data showing
Saudi Arabia's bourse hit a fresh three-and half-year high, with heavyweight petrochemical and banking stocks leading the rally, even as most Gulf bourses experienced smart rallies.
Bellwether Saudi Basic Industries Corp (Sabic) ticke
Saudi shares ended at a four-and-a-half month high, as gains in the food sector following a US stake purchase worth nearly $1 billion outweighed losses in petrochemical stocks on lower oil prices.
The food sector index added 2.8 per cent,
Saudi shares opened higher early on Saturday, lifted by gains in the petrochemical sector, after oil prices rose on Friday.
The all-share index rose 1 per cent in early trading to 6,060 points and the petrochemical sector added two per cen
The Saudi index bounced back from early losses to closes 0.1 per cent higher, helped by shares including banks. The all-share benchmark closed at 6,457 points, as the banking index edged up 0.04 per cent.
Al Rajhi Bank gained 0.4 per cent