Saudi ends high on banking stocks

Riyadh, January 12, 2013

Saudi shares closed higher on Saturday, boosted by gains in banking stocks. The all-share gained 0.6 per cent to 7,166 points and the banking index added 1.3 per cent to 15,807 points.

The shares in heavyweight Al Rajhi Bank added 1.1 per cent. Banque Saudi Fransi added 0.3 per cent after it announced a 22 per cent rise in fourth-quarter earnings. The banking index closed 0.2 per cent lower at 6,146 points.

Earlier in the day too, shares started higher lifted by gains in the banking sector ahead of fourth-quarter earnings announcements expected this week.

The all-share added 0.3 per cent to 7,148 points and the banking index added 0.6 per cent to 15,705 points. Banque Saudi Fransi gained 1.3 per cent after it announced a 22.2 percent jump in its fourth-quarter net profit.

The petrochemical sector also rose, adding 0.2 per cent to 6,169 points.-Reuters

Tags: Saudi | Shares |