Saudi index closes higher, driven by banking sector

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearingTerms and conditions

Further reading

Features & Analysis
The flood gates open

The flood gates open

Turkey’s new fondness for sukuk has been met with increasing...

"Sleeping giant" debt market awakes in Saudi Arabia

After years in which the growth of Saudi Arabia's bond market...

Bahrain's SWF to bail out stalled developments

Bahrain's SWF to bail out stalled developments

Mumtalakat CEO Mahmood Hashim Al Kooheji plans real estate investment...

2
Most Discussed
  • 41
    Are there too many Brits in the UAE?

    It's a pity that every article about the demographics leads to a keyboard war in the comments section. When all is said and done, the UAE is a safe place... more

    Sunday, 26 May 2013 9:11 AM - Convertible Arbitrage
  • 11
    Kuwait's traffic chief defends expat deportations

    There is no oversight in this process at all, Kuwait's Traffic Chief is displaying clearly, the signs of a Police States dictator. Since when has the Police... more

    Sunday, 26 May 2013 5:05 PM - Glen
  • 4
    Qatar drops bid to host UN aviation body

    Some authorities in Q would be better off lowering their egos to a more realistic level for the sake of their country's reputation abroad. more

    Saturday, 25 May 2013 6:04 PM - RAH
  • 45
    Dubai labourers stage rare strike for more pay

    As much as I love the UAE, this will be a problem for them in the future. Lets look at this from any democratic Country on Earth. If I decided not to turn... more

    Wednesday, 22 May 2013 11:56 AM - Ty Say
  • 41
    Are there too many Brits in the UAE?

    It's a pity that every article about the demographics leads to a keyboard war in the comments section. When all is said and done, the UAE is a safe place... more

    Sunday, 26 May 2013 9:11 AM - Convertible Arbitrage
  • 28
    Bahrain MPs vote to ban pork in kingdom

    If one wants to visit or live in Bahrain one must abide by the laws. Living without pork is no huge sacrifice. Muslim and Jewish nations subscribe to this... more

    Saturday, 25 May 2013 6:05 PM - Jeffrey Kershaw