Petchems lift Saudi index to a higher close
Riyadh, October 15, 2011
Saudi shares closed one per cent higher on Saturday, driven by gains in the petrochemical sector after oil prices rose yesterday.
The all-share ended one per cent higher to 6,165 points and the petrochemical index added 1.7 per cent to 6,205 points.
The banking index also closed higher, gaining 0.9 per cent to 14,358 after five major banks posted strong third-quarter results on Wednesday.
Saudi Hollandi Bank's shares rose 5 per cent after it announced that its third-quarter net profit more than tripled to 299 million riyals from 85 million, beating analysts' forecasts.
Heavyweight Al Rajhi Bank's shares gained 0.7 percent after posting a 7.6 per cent rise in its third-quarter profits, also beating analysts' expectations.
Earlier in the day the stocks opened 0.5 per cent higher with gains in all sectors after oil prices rose on Friday and five major banks posted strong third quarter profits.
The all-share rises 0.6 percent to 6,141 points.-Reuters