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Sat 10 Jul 2010 01:27 PM

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Saudi rises after Wall St, oil gains

Heaviest-listed Saudi Basic Industries Corp (SABIC) leads gainers in the Saudi bourse.

Saudi rises after Wall St, oil gains
(Getty Images)

Heaviest-listed Saudi Basic Industries Corp (SABIC) led gainers in the Saudi bourse after a solid week for Wall Street and a 2.7 percent rose in US oil prices over the weekend here.

The all-share TASI index was up 2.3 percent at 6,196 points fuelled mainly by a 4 percent rise in the petrochemical industry index TPISI and a 1.8 percent rise in the banking index TBFSI.

Oil prices topped $76 per barrel on Friday against $74 on Wednesday, the last trading day for the Saudi bourse before the Thursday-Friday Saudi weekend.

And Wall Street closed out its best week in a year on Friday as investors looked ahead to what many expect will be a solid earnings season.

Shares in SABIC gained 5.3 percent while its affiliate Saudi Fertilizers Co was down 1.5 percent despite having announced earlier on Saturday an 89-percent rise in second quarter net profit due to the sale of land.

One of the first major Saudi lenders to announce second-quarter earnings, Riyad Bank gained 1.45 percent although it posted a 16.5 percent fall in second-quarter net profit mainly after lending income declined for the second straight quarter. (Reuters)

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