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Saudi soars on petchem gains

Riyadh, October 6, 2012

Saudi shares opened higher on Saturday, led by gains in the petrochemical and banking stocks.

Shares in Kingdom Holding gain 2 percent after announcing that it sold its interest in the Fairmont Hotel and Raffles Suites & Residences in Manila for $58.1 million.

The all share gains 0.5 percent in early trading to 6,921 points and the petrochemcial index adds 0.6 percent to 6,015 points.

Petrochemical Giant Saudi Basic Industries Corp. (Sabic) gained 0.6 per cent. The banking sector also rises, adding 0.5 percent to 15,210 points.-Reuters




Tags: Saudi | Shares |

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