JEDDAH: Saudi stock benchmark Tadawul All Share Index extended gains Monday on hopes of upbeat second-quarter results. TASI closed at 6,584.58 points, raising 0.54 percent. “We should maintain current levels, and stay above 6,500 until Q2 earning,” said a Riyadh-based fund manager. “We should stabilize because it seems earnings will be OK, especially the petrochemical sector.” Oil prices have stayed above $100 a barrel in the second-quarter, indicating healthy margins for petrochemical producers. Most large-cap stocks rose with bellwether Saudi Basic Industries Corp up 0.2 percent, Al-Rajhi Bank gaining 1.4 percent and Saudi Telecom up 0.8 percent. Saudi Electricity Company advanced for a third day, on seasonal interest from investors during summer months when utility demand surges. SEC will get a $13.6 billion, 25-year loan, the state news agency said Monday. Elsewhere, Oman's index rose for a third day, up 0.4 percent, as investors picked up stocks on attractive valuations. “The Omani market needs a trigger; the overall valuations remain attractive,” said Kanaga Sundar, Gulf Baader Capital Markets head of research. Banks lifted Abu Dhabi's index to a seven-week high, up 0.3 percent. Dubai shares also rose on speculation index compiler MSCI may yet upgrade the UAE to emerging market status. Dubai's index rose 0.4 percent as large-cap stocks supported.
