Saudi Mobily up 10pc, lifts index
Riyadh, September 20, 2008
The shares of Saudi Arabia's Etihad Etisalat (Mobily) surged almost 10 per cent, helping the main index close higher as global markets rally to record highs and oil prices rise.
Mobily soared 9.78 per cent and Al-Rajhi Bank gained 3.24 percent. The benchmark, the worst performer in the Gulf Arab region this year, ended 2.7 per cent higher at 7,586 points.
'Global markets' rise has given a push to the Saudi stock market after it has been losing on the back of declines in international share prices,' says Abdullah Al-Rashoud, chief executive of Riyadh-based KSB Capital.
Also, the outlook on the global economy has improved, pushing oil prices higher, thus, driving gains in the stock market' he adds.
A surge in global stock markets and higher oil prices lift Saudi shares, led by Saudi Basic Industries Corporation (Sabic) and banking stocks.
World equity markets rallied to record highs on Friday after a US government move to cap a deadly credit crisis that has triggered a sharp selloff.-Reuters