Saudi closes high on banking stocks
Riyadh, December 22, 2012
Saudi shares closed slightly up, recouping losses sustained during early trading to gain 0.20 per cent by the end of the session, led by banking stocks.
Saudi share prices are often influenced by activity on Wall Street and in global oil markets, both of which suffered minor losses on Friday.
The banking index gained 0.17 per cent, led by a 0.38 per cent rise for heavyweight Al Rajhi Bank, Saudi Arabia's largest listed lender. However, the important petrochemical index lost 0.35 percent.
Earlier in the day, the shares opened down after world markets and oil prices dropped on fears over the US "fiscal cliff", hitting both banking and petrochemical stocks.
The all-share index fell 0.35 per cent in early trading, weighed by the banking index which lost 0.29 per cent and the petrochemical index which dropped 0.56 per cent.
Saudi Basic Industries Corp (Sabic) shares fall 0.54 percent but Al Rajhi Bank gains 0.38 per cent.-Reuters