Saudi closes high on petchem stocks

Riyadh, December 1, 2012

Saudi shares closed 2.4 per cent higher on Saturday with gains in all sectors after oil prices rose on Friday. The all-share ended at 6,688 points on petrochemcial stocks.

US crude oil prices had risen 84 cents to settle at $88.91 a barrel on Friday, as supply concerns stemming from unrest in the Middle East offset economic worries.

Petrochemical giant Saudi Basic Industries Corporation (Sabic) closed 2 per cent higher and Saudi Fertilizers Company (Safco) added 3.2 per cent.

The petrochemcial index ended 2.4 per cent higher at 5,696 points, while banking index too closed higher, gaining 2.6 per cent to 14,765 points, lifted by a 2.7 percent gain in heavyweight Al Rajhi Bank.

Earlier in the day too, shares opened higher with gains. The all-share added 1.6 per cent to hit 6,642 points in early trading and the petrochemical index added 2 per cent to 5,681 points.-Reuters

Tags: Saudi Arabia | petrochemical | stocks |