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Saudi soars on petchem, banking stocks

Riyadh, December 15, 2012

Saudi shares end higher on Saturday, lifted by gains in the petrochemical and banking index. The all-share ended 0.8 per cent higher to 6,824 points and the petrochemical index ends 1 percent higher at 5,875 points.

Petrochemical giant Saudi Basic Industries Corp (Sabic) gained one per cent.

The banking index also closes 1 percent higher at 14,737 points supported by gains in heavyweight Al Rajhi Bank which adds 1 percent.

0800 GMT- Saudi shares opened with gains in all sectors after oil prices rose on Friday and King Abdullah left hospital on Thursday, easing stock market concerns over the ruler's health.

Oil prices rose on Friday on expectations for improved demand in China after data showed the manufacturing sector in the world No. 2 oil consumer expanded in December at its fastest pace in more than a year.

The stock market dipped last month after King Abdullah had back surgery. The 89-year-old ruler has pushed cautious economic and social reforms.

The all-share adds 0.5 percent in early trading to 6,806 points and the petrochemical index adds 0.6 percent to 5,848 points.

Petrochemical giant Saudi Basic Industries (Sabic) gained 0.8 per cent. Shares in the banking sector also gains, adding 0.3 percent to 14,639 points.-Reuters




Tags: Saudi | petrochemical | Share |

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