Saudi stocks surge to four-week high
Riyadh, May 11, 2013
Saudi stocks surged to a four-week high helped by gains in petrochemicals stocks with the kingdom's benchmark all-share index closing up 0.2 per cent at 7,220.42 points, its highest level since April 13.
The banking index closed up 0.12 per cent while the petrochemicals index gained 0.26 per cent.
Saudi Kayan Petrochemical Company (Saudi Kayan) ended up 1.8 per cent.
Early in the day, the stocks rose as the kingdom's benchmark all-share index gained 0.2 per cent to hit 7,221.30 points, buoyed by support from global stock markets and an oil price of above $95 a barrel.
The petrochemicals index too rose 0.38 per cent. Saudi Basic Industries Corporation was up 0.27 per cent. Brent and US crude oil ended slightly down on Friday.
The euro had dropped to a one-month low against the dollar on expectations that the US Federal Reserve would cut back on it monetary easing program. But the dollar weakened toward the end of the day.
The US dollar index eased to 83.151 after reaching an earlier high of 83.438.-Reuters