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Saturday, 29 May 2010

Saudi Stocks Surge Most in 18 Months, Led By Petrochemicals -

Saudi Arabian shares climbed the most in 18 months, led by petrochemicals and helped by oil prices.

Saudi Basic Industries Corp., the world’s largest petrochemical maker, and Saudi International Petrochemical Co., or Sipchem, helped lift the Saudi Tadawul All Share Index 5.35 percent, the biggest gain since Nov. 2008, to 6175.96.

“After a substantial drop last week, some investors are re-entering the market as bargain hunters,” said John Sfakianakis, chief economist at Banque Saudi Fransi. “Oil prices have remained above $70, which is seen as good news for petrochemicals and the overall index.”