Saudi stocks up on fiscal cliff deal
Riyadh, January 1, 2013
Saudi stocks climbed in early trade after the US Senate passed a deal to avert the "fiscal cliff" of tax hikes and spending cuts that threatened to plunge the world's largest economy back into recession.
The biggest Arab stock market's all-share index rose 0.83 per cent. It is sensitive to oil prices, which rose $1 a barrel in New York on Monday because of growing optimism about a fiscal cliff deal.
Most Gulf stock markets were closed on Tuesday for the New Year holiday, but Saudi Arabia and Oman remained open.
Saudi banking stocks rose 0.84 per cent and petrochemical stocks climbed 0.93 per cent, as petchem heavyweight Saudi Basic Industries (Sabic) gained 1.11 per cent.
In Oman, the index edged up 0.02 per cent, with financial shares climbing 0.48 per cent.-Reuters
More Finance & Capital Market Stories
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards