Saudi stocks rebound on oil, US stocks

MARKET GAINS: Saudi stock market sees stocks rebound on back of oil price surge. (Getty Images)

Petrochemical and banking stocks led the Saudi bourse to a higher close on Saturday, paring losses incurred last week after a raft of negative quarterly earnings.

The all-share index closed 3.13 percent higher at 5,380 points, having ended the trading week to Wednesday down almost 3 percent.

Largest-listed Saudi Basic Industries Corp gained 5.83 percent, having lost 11 percent in the previous trading week on worse-than-expected earnings.

Alinma Bank, which saw the heaviest volumes of the day, closed 2.17 percent higher at 11.7 riyals per share.

Oil prices rose nearly four percent on Friday to settle above $51 a barrel as better than expected earnings and relatively robust US durable goods numbers boosted shares on Wall Street.

Oil prices have been tracking equities closely in recent weeks as investors look to stocks for signs of an economic recovery that could revive demand for fuel. (Reuters)

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