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
More Finance & Capital Market Stories
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs
- In a first, NCB Capital names female CEO
- Du enters $1.17 billion financing deals