Saudi shares close higher after oil price rise

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Saudi stocks closed slightly up on Saturday after gains on international equity markets and a rise in the oil price.

The all-share index closed up 0.20 percent at 7,058 points, with petrochemical stocks up 0.30 percent and banking stocks up 0.16 percent.

However, shares in the kingdom's two largest listed companies did not rise. Saudi Basic Industries (SABIC) shares were flat on the day and Al Rajhi Bank shares slipped 0.36 percent after rising in early trade.

On Friday, Saudi King Abdullah appointed his youngest half-brother, Prince Muqrin, as second-deputy prime minister, providing reassurance about who would be running the country if both the monarch and his heir, Crown Prince Salman, were abroad.

US stocks rose to five-year highs on Friday, with the Dow closing above 14,000 points for the first time since October 2007.

Benchmark Brent front-month crude rose to $116.76 a barrel, a five-month high.

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 appearing

Further reading

Features & Analysis
Why PE's back in vogue in the Middle East

Why PE's back in vogue in the Middle East

Confidence is returning to the Gulf’s private equity market after...

Blood on the bourse floor

Blood on the bourse floor

Arabtec’s share price collapse was the catalyst for a huge sell...

Risky business

Risky business

Libya’s stock market is one of the smallest in the Arab world...

Most Discussed