Saudi stocks bounce back after early losses
Riyadh, June 25, 2011
The Saudi index bounced back from early losses to closes 0.1 per cent higher, helped by shares including banks. The all-share benchmark closed at 6,457 points, as the banking index edged up 0.04 per cent.
Al Rajhi Bank gained 0.4 per cent and Banque Saudi Fransi climbed 0.9 percent. Petrochemical heavyweight Saudi Basic Industries Corp (Sabic) ended 0.5 per cent lower, and the sector's index inched down 0.02 percent.
Earlier in the day, the Saudi market opened lower, dragged down by petrochemical stocks, after a drop in oil prices.
The all-share index was around 0.9 per cent lower at 6,393 points, as the petrochemical index dropped 1.1 per cent in early trading.
Brent crude prices fell 2 per cent on Friday as Europe's debt problems and a dollar index rebound extended oil's decline a day after consuming nations announced they were tapping strategic reserves.-Reuters