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Discuss this article (0 Comments)Saudi stocks soar following rate cut
by This email address is being protected from spam bots, you need Javascript enabled to view it on Saturday, 01 November 2008
MARKET BOOST: Saudi stocks jumped on Saturday after the central bank cut interest rates. (Getty Images)
Saudi Arabia's main index closed more than 6 percent higher, helped by Basic Industries Corp. (SABIC), which soared almost 10 percent after an interest rate cut in the kingdom and US stocks gains on Friday.
SABIC surged 9.86 percent and Al-Rajhi Bank soared 6.13 percent, boosting the index, which has lost almost 26 percent last month, 6.02 percent higher to end at 5,871.24 points.
"The market rally is due to gains on US markets and Saudi Arabian Monetary Authority's (SAMA) interest rate cut," said Abdulla Al-Aqil, a trader at Samba Financial.
The central bank said on Thursday it slashed its benchmark repurchase rate by 100 basis points because inflationary pressures in the kingdom had eased.
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