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Saudi investors more cautious ahead of earnings season, Eid holidays

Volatility came to a standstill on Thursday in Riyadh, as the Tadawul All-Share Index closed 0.04% higher at 8,017.77. The gauge's relative strength, MACD and Bollinger bands indicate that investors are currently quite comfortable with trading in no-man's land, as corporate results for the third quarter will start to pour in next week. Earlier in the day, Arab News reported that Saudi Arabia has invested 73% of its total reserves in securities of foreign countries, quoting Al-Eqtisadiah. "Saudi total assets reached SR2.62 trillion last August while the invested portion in foreign securities reached SR1.92 trillion," said the report. Shares of Tabuk Cement Co. slipped 0.34% to SR29.50. Earlier in the day, Tabuk said in a filing to the Tadawul market, it secured a 7-year, Islamic finance of SR500m ($135m) for the funding to finance the second phase of the establishment of a new line, which represents 45% of clinker production line of 5,000 tons per day. The Tadawul bourse informed investors today that it will be closed for trading from Oct. 10 to Oct. 20 to mark the Islamic feast of sacrifice (Eid ul-Adha).