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
More Finance & Capital Market Stories
- More support for Islamic banking urged
- Bahrain to set new takaful rules by year-end
- Oman fiscal surplus widens to $1.4bn
- Al khaliji opens new branch in Doha
- Bayzat launches online DBR calculator
- Dubai bourse tops 3,000 for first time in 5 years
- Bahrain mulls solvency rules for Takaful industry
- LuLu Exchange opens 3rd branch in Bahrain
- Saudi economic growth picks up in Q3
- GIH picks ex-Barclays banker as investment head