Saudi shares snap 4-day losing streak

Saudi Arabian shares snapped a four-day losing streak after oil prices gained and Dar Al Arkan Real Estate Development said holders of its $1 billion Islamic bonds will be repaid on Monday. Dar Al Arkan, which plunged 20 per cent last week, advanced the most since March 24. Mobile Telecommunications Co Saudi Arabia, the mobile-phone company known as Zain Saudi, surged 5.2 per cent. The benchmark Tadawul All Share Index rose 0.6 per cent, the most since July 3, to 6,701.09 points. US stocks rose for the week and oil prices advanced 3.1 per cent last week to $87.10 a barrel amid investor speculation China may take more measures to stimulate growth. Saudi Arabia is the world’s biggest exporter of crude oil. Dar Al Arkan surged 9.8 per cent to SR8.95. The company said it transferred the money to Deutsche Bank AG and sukuk holders will receive the funds on Monday, according to a regulatory filing on Saturday. Zain Saudi jumped as much as 8.9 per cent to SR13.5 before trimming gains to close at SR13.05. From khaleejtimes