Saudi stocks close high on banks, petchems
Riyadh, July 9, 2011
The Saudi index ended 0.24 per cent higher boosted by gains in the banking and petrochemical stocks. The all-share benchmark closed at 6,628.30 as the banking index edged up 0.74 per cent.
Samba Financial Group and shares of heavyweight Saudi Basic Industries Corp (Sabic) led gains ending 1.50 per cent up and 0.47 per cent higher respectively. The petrochemical sector's index rose 0.60 per cent.
Shares of dairy firm Almarai closed 0.26 per cent lower, reversing early gains. The company said on Saturday it made a net profit of SR349.2 million ($93.12 million) in the second quarter, or a 1.8 per cent rise from the same period in 2010.
Earleir in the day, Saudi's shares opened slightly higher supported by the banking sector.
The petrochemical index was up 0.2 percent.
Oil ended a strong week on a downbeat note on Friday as a dismal U.S. 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.-Reuters