Saudi soars on oil, global equities
Riyadh, September 15, 2012
Saudi stocks opened nearly one per cent higher on Saturday, buoyed by a rise in crude prices and gains in global equities markets.
The all-share gains 0.97 percent in early trading, as petrochemical stocks climbed 1.82 per cent and banking stocks rose 0.69 per cent.
Heavyweight Saudi Basic Industries Corp (Sabic) rose 2.43 per cent.
Oil prices rose on Friday, hitting four-month highs before settling. Benchmark Brent crude rose $0.78 a barrel.
In New York, US stocks reached a nearly five-year high on Friday after the Federal Reserve acted to spur the economy with promises to step up its aggressive purchase of bonds.-Reuters