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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




Tags: Saudi | stocks |

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