Petchem shares boost Saudi stocks
Riyadh, September 15, 2012
Saudi shares rose 0.72 per cent to close at 7,159 points bolstered by petrochemical stocks which play a strong role in the kingdom's equities market.
The all-share had climbed to 7,178 points in early trading.
The petrochemical index rose 1.79 per cent, led by bellweather Saudi Basic Industries Corporation (Sabic), which finishes up 2.16 per cent. Banking stocks rose 0.32 per cent, with heavyweight Al Rajhi closing 0.34 per cent higher.
On Friday oil prices and world stock markets both finished higher.
Early in the day, the stocks opened nearly nearly one per cent higher buoyed by a rise in crude prices and gains in global equities markets.
The all-share had gained 0.97 percent in early trading, as petrochemical stocks climb 1.82 percent and banking stocks rise 0.69 per cent.-Reuters