Saudi shares edge higher, banks support
Riyadh, July 9, 2011
Saudi Arabia's shares opened slightly higher on Saturday supported by the banking sector. The benchmark was up 0.2 per cent to 6,627.92 points as the banking sector index rose 0.7 per cent.
The petrochemical index was up 0.2 per cent. Shares in petrochemical heavyweight Saudi Basic Industries Corporation (Sabic) rose 0.2 per cent while Saudi Fertilizers Company jumped 0.5 percent.
Oil ended a strong week on a downbeat note on Friday as a dismal US jobs report cast a pall on the economic outlook. US crude fell $2.47 to settle at $96.20 a barrel while Brent futures for August fell 26 cents to settle at $118.33 a barrel. [O/R]
Saudi companies started to announce their second quarter earning results. Almarai said on Saturday it made a Q2 net profit of SR349.2 million ($93.12 million), up 1.8 per cent from last year. Marai's shares were up 0.5 per cent after the announcement.-Reuters