Saudi index closes higher, driven by banking sector

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!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Does the Saudi IPO signal the end of the age of oil?

Does the Saudi IPO signal the end of the age of oil?

Saudis may want to capitalise on an asset that’s only going to...

China paves way for market-based IPO system

China paves way for market-based IPO system

A new law would let companies, not regulators, determine when...

Danger zone: what would the wider impact of a slowdown in China have on the Gulf?

Danger zone: what would the wider impact of a slowdown in China have on the Gulf?

Last week’s stock market crash in China sent shockwaves through...

2
Most Discussed
sponsoredTracking