Petchems lead Saudi shares up

Shares in Saudi Basic Industries Corp (SABIC) rise 0.48 percent.
Petchems lead Saudi shares up
By Reuters
Sat 01 May 2010 02:43 PM

Saudi stocks rose in early trading led by gains in the petrochemical and banking sectors after oil prices post their third consecutive monthly gain.

The all-share TASI index was up 0.62 percent, mainly led by a 1.07 percent rise in the petrochemical index and a near 0.7-percent gain in banking stocks index.

Shares in chemical giant Saudi Basic Industries Corp (SABIC) rose 0.48 percent and shares in biggest-listed lender Al Rajhi Bank gained 0.9 percent.

Oil prices on Friday posted the third-straight monthly gain as higher economic growth in the United States and hopes of a bailout to help Greece avoid debt default sparked more risk-taking. (Reuters)

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