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Sat 25 Jul 2009 05:14 PM

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Petchems lead Saudi to one-month high

The all-share TASI index closed 2.8% higher, its highest level since June 21.

Petchems lead Saudi to one-month high
(Getty Images)

Saudi shares closed at their highest level in almost five weeks led by a surge of the heavyweight petrochemical index to its highest level in as many weeks despite generally disappointing quarterly earnings.

The all-share TASI index closed 2.8 percent higher at 5,828.56 points, its highest level since June 21. The petrochemical index gained 5.2 percent at 4,576.82, also its highest since June 21.

Industry giant Saudi Basic Industries Corp added 7.4 percent to trade last at 68.75 riyals, its highest since June 20.

Savola Group closed 3.53 percent higher at 24.90 riyals, its highest level since June 6 after it announced the acquisition of Geant retail stores from Fawaz Alhokair Group. (Reuters)