Petchem, banks boost Saudi stocks

Riyadh, January 5, 2013

Saudi shares ended higher on Saturday, lifted by gains in the petrochemical and banking sectors. The all-share added one per cent to hit 7,010 points and the petrochemical index added 0.7 per cent to 6,090 points.

Saudi Basic Industries Corp (Sabic) closed 0.8 per cent higher. The banking index also gained 0.7 per cent as heavyweight Al Rajhi Bank added one per cent.

Earlier in the day too, shares opened higher on gains from the petrochemical and banking sectors. The all-share added 0.5 per cent in early trading to hit 6,972 points, while the petrochemical index added 0.6 per cent to hit 6,087 points.-Reuters

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