Saudi Arabian Tadawul bourse rises 0.32%

08 December 2010

The main index Tasi in Riyadh closed at 6,457.18 (up 0.32%) after the composite failed several times to break through the resistance line at 6,460. Gulf General Cooperative Insurance ended flat at SR41.70. Earlier in the day, the company announced today its receipt on Tuesday 7 December 2010 of the Saudi Arabian Monetary Agency (SAMA) final approval on Marketing and selling Fidelity Guarantee insurance products, through Letter no. 7\IS\ dated 01/01/. Meanwhile, analysts invcreasingly look at prospects for 2011. According to Swiss Private Bank Sarasin, “The recovery in Western economies appears to be moving to a more mature and sustainable phase and the tougher decisions now being enacted in the European periphery as well as the gradual monetary tightening in Asia look manageable without threatening global recovery.” As oil prices approached the level near $90 per barrel, GCC markets performed overall well during the secon week of December. The Saudi market, as usual, will remain closes on Thursday.

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