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Saudi shares close higher, led by banks

By Reuters

Saturday, 16 February 2013 12:29 PM

Saudi stocks ended slightly higher, with the all-share index closing 0.35 percent up at 7,088 points.

The heavyweight Al Rajhi Bank ended up 0.37 percent, while Kingdom Holding Co closed 2.36 percent higher after the international investment firm of Saudi billionaire Prince Alwaleed bin Talal said it and a consortium of investors had bought a SR1.5bn ($400m) stake in Chinese online retail firm 360buy Jingdong.

Oil prices sank on Friday and Brent futures finished their first negative week since mid-January after an unexpected dip in US industrial production spurred concerns about lagging economic activity.

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