Petrochemicals lead Saudi gains

OIL GAINS: Saudi market gains on back of upbeat US economy. (Getty Images)

Saudi shares ended higher, helped mainly by the heavyweight petrochemical sector after oil prices rose to a four-week high on more upbeat US economic news.

The all-share index closed a volatile session 0.33 percent higher at 5,644.11 points, after touching an intraday high of 5,735 points.

Market heavyweight Saudi Basic Industries Corp (Sabic) ended 1.41 percent higher after leading trade in terms of turnover.

Investment firm Kingdom Holding, which is heavily exposed to US equities, jumped 9.1 percent to 6 riyals, its highest close in more than six months.

US stocks ended the week higher as rising optimism that the worst of a deep recession may be over, offset selling pressure caused by investors locking in strong gains in April.

US crude futures jumped $2.08 to settle at $53.20 a barrel after hitting $53.65, the highest since April 3. Brent crude settled up $2.05 at $52.85. (Reuters)

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