News

Banks, petchems lead Saudi bourse up

By Reuters Published: 2009-06-12T20:00:00+04:00

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Banking and petrochemical stocks led Saudi shares to post their strongest one-day gain since May 9 after more positive economic data from China and the United States outweighed concern over the outcome of the Iranian presidential elections.

The all-share index ended 2.59 per cent higher at 6,094 points.

The banking and financial stocks index posted the strongest gains, with Arab National Bank; leading the sector's gainers by closing 7.4 per cent higher.

Shares in heavyweight Saudi Basic Industries Corp (SABIC) finished 1.38 per cent up at 73.5 riyals, its highest price since October 29, 2008.

The price of oil, the kingdom's top export, rose on Thursday to settle at the highest level since October 20 amid signs of a potential rebound in the economy.

Consumer confidence in the United States, the world's top consumer of the commodity, rose to a nine-month high in June. In China, the world's number two oil consumer, oil refinery output rose 10.7 per cent and industrial growth and retail sales rebounded in May.