Sunday, 26 July 2009

Saudi shares advance 2.8% led by Sabic, Al-Rajhi Bank

Saudi Arabia's shares rose on Saturday, led by Saudi Basic Industries. and lender Al-Rajhi Bank, after stocks in the US and Europe gained for a second week and oil reached a three-week high.

Saudi Basic Industries, the world’s largest chemicals maker by market value, climbed as much as 7%. Al-Rajhi led bank stocks higher, gaining as much as 3.1%. Saudi Telecom, the Arab world’s largest, added up to 3.4%.

The Tadawul All Share Index rose as much as 2.79% to 5,828.56 in Riyadh, bringing its gain this year to 21%. It slumped more than 50% in 2008 as the price of oil, the country’s biggest export earner, declined.

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