Saudi surges on global equity advance
Riyadh, January 26, 2013
Saudi shares closed slightly higher on Saturday, boosted by share-price increases for its biggest companies in the market's most important sectors.
The all-share index closed up 0.39 percent to 7,025 points. The closing point is short of a year-to-date high of 7,166 points on January 12, but is still up from the 6,855 points at which the market closed last year.
Saudi Arabia's largest listed bank, Al Rajhi, rose 0.72 per cent, while the other main heavyweight, petrochemicals giant Saudi Basic Industries Corp (SABIC) was up 0.81 per cent.
Saudi shares were strongly influenced by global stocks, which mostly performed well on Friday, and by energy markets. Crude oil prices closed flat on Friday.
Early in the day, stocks rose buoyed by advances in global equity markets, with an increase in shares for the important petrochemicals and banking sectors.
The all-share index climbed 0.21 per cent to top the psychologically important 7,000 mark, boosted by a half-percent rise in shares of Sabic.-Reuters