JEDDAH: Saudi Arabia's stocks rose a second day Monday, buoyed by Saudi Basic Industries Corp (SABIC) which climbed after reporting a 46-percent jump in quarterly earnings. The Tadawul All Share Index rose 0.39 percent to close at 6,285.24 points, the highest level since Oct. 13. “SABIC's third-quarter result will be the major driving force for the Saudi market in the coming days,” said Hesham Tuffaha, head of research for Bakheet Investment Group. SABIC advanced to the highest level in more than a week after net income soared to SR5.33 billion ($1.4 billion). Saudi Electricity Co gained 2.4 percent before reporting a 34 percent increase in third-quarter profit after markets closed. “Excellent results from SABIC and Mobily” are driving stocks higher, said Ahmed Talhaoui, Abu Dhabi-based head of investment at Royal Capital. The earnings are in “sharp contrast with the poor results from banks released a week ago.” “Investors have been waiting for SABIC to release its earnings so that the market improves. The SABIC earnings will offset the bank earnings result that brought the market down.” The petrochemical index climbed 1.1 percent. Regional markets were mixed, with Egypt falling for a third consecutive session. Dubai index retreated 0.3 percent to 1,739 points. Abu Dhabi benchmark advanced 0.6 percent to 2,778 points. Kuwait index climbed 0.2 percent to 7,046 points. Qatar measure slipped 0.3 percent to 7,784 points. Oman benchmark ended 0.3 percent higher at 6,545 points. Bahrain measure inched up 0.06 percent to 1,462 points. Egypt index dipped 0.4 percent to 6,845 points. In Dubai, most property-related stocks fell as the emirate's index slipped for a third session in a row, with investors booking profits. “We are seeing some short term profit-taking,” said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments. “Global markets are not providing any catalysts. So many investors are on the sidelines waiting for third-quarter results and some are booking profits.” Analysts said third-quarter results are not expected to have much impact. Emaar Properties dropped 0.8 percent.
