Saudi Arabian shares rose to a seven-month high, following U.S. stock and oil prices higher, after a week when economic data in the world’s largest economy signaled the recovery may strengthen next year and boost fuel demand.
Saudi Basic Industries Corp., the world’s largest petrochemicals maker, known as Sabic, and Al Rajhi Bank, the kingdom’s largest publicly traded lender by market value, paced the advance. The Tadawul All Share Index gauge gained 0.7 percent, to 6,546.91, the highest level since May 19, at 12:13 p.m. in Riyadh. The gauge has risen 3.6 percent since the start of December.
“Continued positive performance from the U.S. markets and oil during the weekend has given support for a positive open in the Saudi market,” said Fuad Aghabi, investment director at Ajeej Capital in Riyadh.
No comments:
Post a Comment