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Saudi Stocks Climb on No Protests; Longest Streak in Two Months

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Mourad Haroutunian
Bloomberg
March 13, 2011

Saudi stocks rose for a sixth day as investors looked for bargains after the world’s biggest oil producer survived a so-called Day of Rage.

Saudi Basic Industries Corp., the world’s biggest petrochemical maker, climbed 1 percent, and Al Rajhi Bank, the kingdom’s biggest lender, jumped 3.3 percent. The Tadawul All Share Index climbed 3 percent, the steepest gain since March 7, to 6,297.

“Investors are realizing that the March 11th Day of Rage was overly exaggerated and turned out to be a Day of Unity,” said John Sfakianakis, chief economist at Banque Saudi Fransi, in Riyadh. “Common sense is quickly replacing panic as macro fundamentals are solid and very healthy.”

Police and anti-riot vehicles patrolled most Saudi cities yesterday, thwarting activists’ plans to rally for political and economic changes. More than two months of protests have rocked the Middle East and North Africa as citizens demand civil rights, better living standards and the ouster of entrenched autocratic regimes.

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This article was posted: Sunday, March 13, 2011 at 6:26 am





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