Bank, petchem lifts Saudi index
Riyadh, November 12, 2011
Saudi shares closed 0.6 per cent higher on Saturday mainly due to a boost from banking and petrochemical gains.
The all-share index ended at 6,253 points and the petrochemical sector adds 0.7 per cent to 6,294 points.
Petrochemical giant Saudi Basic Industries (Sabic) added 0.5 per cent. The banking sector also climbs 0.1 percent, ending at 14,669 points.
Early in the day, Saudi shares rose led by gains in the petrochemical sector after oil prices rose on Friday. US crude closed at a 15-week high and posted a sixth consecutive weekly gain while Brent pushed higher a third straight week.
The all-share index gained 0.9 percent to 6,270 points and the petrochemical index added 1.6 percent to 6,349 points.-Reuters