Saudi shares rise for a fourth day

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RIYADH — Saudi Arabian shares rose for a fourth straight day on Tuesday on expectations of further capital inflows into the market.

The Saudi index was up 0.4% in early trading. Financials were the biggest boost with Al Rajhi Bank and Alinma Bank gaining 1% each. Saudi Telecom traded 1.3% higher.

The index has gained over 13% year-to-date, outperforming other major Gulf peers in a rally led by foreign investors, who have been net buyers of Saudi stocks every month this year.

A third tranche of the FTSE Russell emerging market index will kick in this month after Saudi stocks were included in two tranches in March and April.

Late last month the Saudi equity market joined the MSCI Emerging Market index, which is expected to trigger billions of dollars of foreign fund inflows.

Malath Cooperative Insurance added 3.1% after it renewed a vehicle insurance contract with Arab National Bank for a year with premiums from the deal expected to exceed 5% of the firm’s total annual sales. — Reuters


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