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Sat 26 Mar 2011 01:00 PM

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Heavyweight SABIC helps Saudi index to six-week high

Kingdom's stock market closes higher, boosted by gains in the petrochemical, banking sectors

Heavyweight SABIC helps Saudi index to six-week high

Banking and petrochemical stocks led Saudi shares to a six-week closing high.

The all-share index gains 2.3 percent to end at 6,506 points, its highest close since February 15.

The banking sector index gained 3 percent, lifted by by heavyweight Al-Rajhi Bank which added 1.3 percent and Banque Saudi Fransi which rose 6.4 percent. SABB added 6.9 percent.

Petrochemical giant Saudi Basic Industries Corp (SABIC) closed 2.5 percent higher.

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