Saudi index soars on higher oil gains
Riyadh, October 15, 2011
Saudi stocks opened 0.5 per cent higher on Saturday with gains in all sectors after oil prices rose yesterday and five major banks posted strong third quarter profits. The all-share rose 0.6 per cent to 6,141 points.
The oil prices rose three per cent on Friday, posting a second straight weekly gain, on lift from stronger-than-expected US retail sales and optimism about the prospect of reaching a deal to address the euro-zone debt crisis.
The petrochemical index added 0.6 per cent to 6,141 points, as petrochemical giant Saudi Basic Industries Sabic climbed 0.8 per cent.
The banking index also rose 0.7 per cent to 14,336 points after five banks posted strong third-quarter net profits on Wednesday. Heavyweight Al Rajhi Bank added one percent.-Reuters