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Saudi index closes higher, driven by banking sector

By Reuters

Saturday, 9 February 2013 12:38 PM

Saudi shares closed narrowly higher on Saturday as the all-share ended 0.2 percent higher on 6996.72 points.

The petrochemical index rose 0.42 percent to 5994.93 points while the banking index also closed higher, rising 0.08 percent.

US stocks climbed on Friday, pushing the Nasdaq to a 12-year closing high and the S&P 500 index to a five-year high as stronger trade data lifted optimism.

Brent oil futures hit a nine-month high near $119 a barrel on Friday after data showed strong growth in Chinese oil imports, rounding out four straight weeks of gains for the contract and taking its premium over US crude to more than $23.

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