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Saudi index closes higher despite Al Rajhi declines

By Reuters

Saturday, 9 March 2013 12:56 PM

Saudi stocks closed higher on Saturday, driven by increases in US stocks which closed out a strong week with more gains on Friday.

The all-share index rose 0.4 percent to 7027.49 points.

Al Rajhi Bank dropped 1.13 percent giving up early gains. Saudi Basic Industries Corp (SABIC) was up 0.27 percent.

The banking index drops 0.3 percent and the petrochemicals index gains 0.74 percent.

US stocks closed out a historic week with another day of gains on Friday, as the Dow hit yet another record closing high on a payrolls report that surpassed even the most optimistic forecasts.

Brent crude futures edged lower on Friday as US jobs data strengthened the dollar, while US gasoline futures rallied to a 2013 high because high-priced ethanol credits, or RINs, are raising refiners' costs and making fuel imports too expensive.

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