Saudi Arabian shares rallied for a seventh day, sending the benchmark Tadawul All Share Index to its highest level in almost three months as oil climbed and the U.S. currency fell.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, and Yanbu National Petrochemical Co., Sabic’s unit known as Yansab, paced the gains. The 146-company measure rose 0.4 percent to 6,752.31 at 12:06 p.m. in Riyadh, the gauge’s highest intraday level since Jan. 18. Six shares climbed for every stock that fell.
“Further weakening in the U.S. dollar is expected to lift crude prices, which bodes well for Saudi equities,” said Asim Bukhtiar, an equity analyst at Riyad Capital.
No comments:
Post a Comment