Saudi Shares Gain, Recouping Earlier Losses, as Oil Prices Rise - BusinessWeek

Petrochemical and retail companies lifted Saudi Arabian stocks from an earlier loss on the week’s first day, as oil prices advanced to a seven-week high.

Saudi Basic Industries Corp., the world’s largest petrochemical maker, Savola, a Saudi food producer, and Arab National Bank helped the Saudi Tadawul All Share Index to rise 0.2 percent to 6,352.89. The gauge had earlier slid as much as 0.6 percent, led by declines in real-estate companies.

“It was a buying opportunity for petrochemicals on the back of strong oil prices as well as the retail sector,” said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh. “Global markets were jittery over the Saudi weekend and it is translated in the Saudi stock market today.”