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Saudi opens higher on petchem stocks

Riyadh, June 16, 2012

Saudi stocks opened up on Saturday, with increases for the main petrochemical and banking stocks, buoyed by gains in world energy and equity markets.

The all share index climbed 0.8 percent in early trading, with gains of one per cent as bellwether equity Saudi Basic Industries Corporation (Sabic) adding 1.1 per cent.

Heavyweight Al Rajhi Bank rose 0.5 per cent.

Oil prices were boosted on Friday by hopes major central banks might act to defuse any negative economic impact from the Greek election, with Brent oil futures up 44 cents on Friday to finish at $97.61 a barrel.

World equity markets rose on Friday, also supported by the possible action of central banks. -Reuters




Tags: Saudi | stocks | petchem |

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