Saudi shares rose sharply today as investors started to believe the worst of the financial crisis is over after the Group of 20 meeting in London agreed on measures worth US$1 trillion (Dh3.67tn) to help the world economy.
The Saudi Tadawal All Share Index gained 5.28 per cent to 4,966.38 led by petrochemical and banking sectors. Saudi Basic Industries Corporation ended up almost 10 per cent to 46.30 Saudi riyals. Bank Al Jazeera, Saudi Fransi, Al Rahji and Saudi Hollandi Bank were among the major gainers.
Aymen el Saheb, the head of operations at Drahem Financial Brokerage in Dubai, said that with oil staying above US$50 a barrel, energy stocks would remain in focus and markets would consolidate at present levels.
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