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Sat 20 Mar 2010 01:03 PM

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Banks, SABIC lead Saudi to new 17-month high

The all-share index TASI closes 0.4 percent higher at just under 6,700 points.

Banks, SABIC lead Saudi to new 17-month high
SAUDI STOCKS: TASI posted its highest close since Oct. 6, 2008.(Getty Images)

Banking stocks powered the Saudi bourse to a new 17-month high with SABB and Samba Financial Group making the sector's strongest gains.

The all-share index TASI closed 0.4 percent higher at just under 6,700 points, its highest close since Oct. 6, 2008.

The banking index closed 0.8 percent up after Samba gained 2 percent and SABB adds 1.5 percent.

Heavyweight Saudi Basic Industries Corp (SABIC) ended 0.8 percent.  (Reuters)