Saudi stocks rise in early trade
Riyadh, December 15, 2012
Saudi shares opened with gains in all sectors on Saturday after oil prices rose yesterday and King Abdullah left hospital on Thursday, easing stock market concerns over the ruler's health.
Oil prices rose on Friday on expectations for improved demand in China after data showed the manufacturing sector in the world No. 2 oil consumer expanded in December at its fastest pace in more than a year.
The stock market dipped last month after King Abdullah had back surgery. The 89-year-old ruler has pushed cautious economic and social reforms.
The all-share added 0.5 per cent in early trading to 6,806 points and the petrochemical index added 0.6 percent to 5,848 points.
Petrochemical giant Saudi Basic Industries (Sabic) gained 0.8 per cent. Shares in the banking sector also gained, adding 0.3 per cent to 14,639 points.-Reuters
More Finance & Capital Market Stories
- IPIC to use $4bn pipeline payment to repay debt
- UAE sees big foreign capital inflow
- Gulf Capital to raise $360m partly for dividend
- Apicorp posts $109m profit in 2012
- Al Baraka summit to discuss financial trends
- Bahrain real GDP grows 3.9pc in 2012
- Deutsche Bank named top FX bank in Mideast
- Doha bourse breaks key 9,000 level
- UAE economic growth hits 4.4pc in 2012
- DFM firms achieve 100pc compliance