Business & Money | Tuesday 11 August, 2015 8:27 am |

Saudi Arabia’s government bond sales are boosting the stock market, says a top Riyadh-based economist.
“Tadawul reacted positively to the latest bond issuance program that was initiated,” John Sfakianakis, Middle East director at Ashmore Group, told Arab News.
“From a fiscal perspective it’s a positive for the economy and the stock market as there is negligible short-term crisis and Saudi Arabia is able to cover any of its fiscal needs,” he added.

His comments came as the Tadawul All-Share Index rose 1.56 percent to 8,834.82 points on Monday. 
Petrochemicals giant Saudi Basic Industries Corp. rose 1.5 percent. Prices for many of its products move in line with oil prices.
Telecommunications operator Mobily surged 5.5 percent. The stock has drawn bargain hunters in the past two days after shedding 17 percent since it resumed trade on Aug. 3. It had been suspended for two months during which it reviewed its earlier financial statements, Reuters reported.
Most other blue chips also gained as market sentiment was lifted by data on Sunday showing a jump in consumer spending during Ramadan. National Commercial Bank, the Kingdom’s biggest lender, rose 1.4 percent.

Sfakianakis added: “Investors are beginning to weigh their options as there are some value-driven stocks and sectors that are becoming attractive. Forward guidance would be provided by oil prices, followed by volumes.”
Most Gulf stock markets also edged up on Monday, tracking oil prices, Reuters reported.
The Saudi stock market has gained 6 percent so far this year.