Saudi stocks hit new high on banks, petchem
Riyadh, February 25, 2012
Saudi shares closed higher on Saturday, lifted by gains in the banking and petrochemical sectors. The all-share added 0.6 per cent to 7,075 points, its highest close this year.
The petrochemical index added 0.5 per cent to 6,606 points, lifted by gains in petrochemical giant Saudi Basic Industries (Sabic) which adds 0.8 per cent.
The banking sector rose one per cent to 16,055 points as heavyweight Al Rajhi Bank gains 2 per cent.
Earlier in the day the stocks opened higher led by gains in the petrochemical and banking sectors after oil prices rose on Friday.
Oil prices rose more than $1 per barrel on after the United Nation's nuclear watchdog said Iran has sharply stepped up work on uranium enrichment, putting Brent crude on track for a fifth straight weekly gain.-Reuters