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Saudi soars on petrochemical stocks

Riyadh, March 2, 2013

Saudi shares closed up a quarter of a percent, led by petrochemical stocks, despite a fall in world oil prices after US equities rose.

The all-share index climbed 0.26 per cent to 7,016.61 points, led by shares in the key petrochemical index, which advanced 0.44 per cent. Heavyweight Saudi Basic Industries Corp (Sabic) rises 0.27 per cent.

However, banking stocks are up only 0.07 per cent, with shares in Al Rajhi Bank, the largest listed lender in the kingdom, flat on the day.

The Saudi equity market is heavily influenced by global stocks and energy prices. Oil slipped to a six-week low on Friday, while U.S. shares rallied despite a failure in Washington to resolve a budget crisis.-Reuters




Tags: Saudi | petrochemical | stocks |

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