Saudi Arabian shares rallied for a second day, sending the benchmark index to its highest intraday level in a week, after U.S. retail sales data eased concern the world's biggest economy is headed for a recession.
Saudi Basic Industries Corp., the world's biggest petrochemicals maker, and Al Rajhi Bank, the kingdom's largest publicly traded lender by assets, paced the gains.
The 147-company Tadawul All Share Index rose 1.8 percent, to 6,147.45 at 12:03 p.m. in Riyadh, the highest level since Aug. 6, extending its two-day gains to 2.3 percent. The gauge lost 6 percent in the past week, the steepest decline since the week ending March 2, after the U.S.'s credit rating was downgraded by Standard & Poor's.
No comments:
Post a Comment