Saudi bourse lifted by U. S. manufacturing report, oil price rebound
- Saudi Arabia: Tuesday, October 02 - 2012 at 08:14
The Tadawul All-Share Index gained 0.62% on the first trading day of the fourth quarter to reach 6,882.12 points amid a healthy advance-decline ratio of 116 to 22. Earlier on Monday, U. S. manufacturing activity showed the first increase in four months, taking selling pressure from oil prices. Petrochemical and metals producer Sabic, the Riyadh-based market's bellwether, closed 0.30% higher at SR91.25. Monday's rebound occurred after tricky September trading. "After two consecutive months of gain, the Tasi benchmark fell 4.1% in September. The decline was in line with global stock markets as concerns of the global recovery increase," Jadwa Investment Senior Economist Fahad Alturki said. He added that " Nevertheless, the Saudi Stock Exchange gained since January 1 7.24%, representing the second highest advance in the GCC behind Dubai (up 18.88%).
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