Saudi Arabian shares rose to the highest in a week after petrochemical companies reported better- than-estimated earnings and oil jumped.
Saudi Basic Industries Corp., the world’s largest petrochemicals maker, rose to the highest since September 2008, while National Industrialization Co. climbed to a three-year high. Rabigh Refining and Petrochemicals Co. surged by the maximum allowed in a single trading session.
The 146-company Tadawul All Share Index advanced as much as 0.7 percent to 6,617.39 and was at 6,612.68 as of 1:55 p.m. in Riyadh, the gauge’s highest level in a week. Crude oil for June delivery rose for a third day to $112.29 a barrel on April 21 before the Easter vacation halted trading, taking its gain this year to 23 percent. Sabic said this week that first-quarter profit surged 42 percent, while Rabigh’s net income more than doubled.
No comments:
Post a Comment