Saudi shares climb on Sabic project
Riyadh, June 8, 2013
Saudi shares closed up nearly half a per cent after Saudi Basic Industries Corp (Sabic) announced plans for a 16-billion riyal ($4.23 billion) investment in steel plants. The all-share index rose 0.42 per cent.
Petrochemical shares rose 0.38 per cent, with stock in Sabic climbing 0.79 per cent. Banking shares were also up 0.51 per cent, but stock in Al Rajhi Bank remained flat on the day.
The shares rose in early trading on Sabic investment plans and following increases for global equities markets and crude oil prices.
The all-share index gained 0.69 per cent, with the petrochemical index rising 0.71 per cent and Sabic climbing 1.32 per cent.
Sabic had earlier announced plans to build two large steel projects in Jubail and Rabigh, adding it had secured fuel for the power-intensive projects.
Banking shares rose 0.62 per cent, with Al Rajhi , the kingdom's largest listed lender, gaining 0.35 per cent.
Stocks on Wall Street rose more than one percent on Friday, after gains in Europe, driven by strong US employment data. Benchmark Brent crude ended $0.95 a barrel higher on Friday to finish at $104.56 a barrel.-Reuters