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Saudi ends high on petchem, bank stocks

Riyadh, May 4, 2013

The Saudi all-share index closed up 0.54 per cent to 7214.06 points as petrochemicals and banking shares posted some gains on Saturday.

King Abdullah had earlier ordered compensation to be paid for damage caused by extensive flooding across the country in recent days and said emergency workers would receive an extra month's salary.

Saudi Basic Industries Corporation, the world's top petrochemicals company, was up 1.66 per cent while Saudi Arabia's biggest listed lender, Al Rajhi Bank, rose 0.76 per cent. Kingdom Holding closed up 0.88 per cent.

The banking index gained 0.1 per cent. The petrochemicals index too was up 0.99 per cent.

Earlier in the day, stocks opened higher at 7204.5 points. US stocks climbed on Friday, with the S&P 500 and Dow industrials hitting intraday record highs after US employment rose more-than-expected in April, easing concerns about weak economic growth.

Meanwhile oil jumped more than $1 a barrel to its highest point for over three weeks on Friday, as US jobs data raised the prospect of stronger oil demand.

Kingdom Holding rose 1.77 per cent after a subsidiary agreed to refinance the debt it used to buy London's Savoy Hotel with a new 200 million-pound ($311 million) loan.-Reuters




Tags: Saudi | petrochemical | stocks |

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