Petchems lift Saudi bourse to 7-week high
Riyadh, April 2, 2011
The Saudi index gained 0.9 per cent to close at a seven-week high, lifted by gains in the petrochemical sector after a jump in oil prices. The all-share benchmark closed at 6,623 points, its highest close since February 14.
The petrochemical sector index gained 1.5 per cent points. Petrochemical giant Saudi Basic Industries Corp (Sabic) closed 0.7 per cent higher and Saudi Fertilizers Co.
(Safco) climbed 1.2 per cent.
Saudi Telecom Company added one per cent after saying that it submitted an offer for Syria's third mobile licence.
US crude oil futures finished Friday with strong gains, jumping more than one per cent after robust US labor market data suggested healthy demand for fuel would continue.
Petrochemical stocks lifted the Saudi index in early trade after oil reached its highest close since September 2008. US crude closed 1.14 per cent higher on Friday at $107.94 a barrel.-Reuters