Zain, STC and Mobily, three Saudi telecom companies  registered a record rise on the Tadawul, despite the decline on the general index by 0.64%.The record profits announced by STC and Mobily, and the commercial launch of Zain, pushed the three shares up. Zain rose 4.3%, STC by 4.1% and 1.4% for Mobily.

The record profits announced by STC and Mobily, and the commercial launch of Zain, pushed the three shares up. Zain rose 4.3%, STC by 4.1% and 1.4% for Mobily.

Egyptian Financial Group Hermes recommended STC and Mobily shares, setting their prices at $26.94 and $22.68 respectively. The move pushed portfolio managers to buy the two shares in large quantities at their current prices – which is 45% under market value for STC at $18.61 and 63.4% for Mobily at $13.87.

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