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Sat 8 Sep 2012 12:19 PM

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Saudi shares close higher after oil price rise

All-share index gains 0.8% on Saturday as heavyweight SABIC gains 2.2%

Saudi shares close higher after oil price rise

Saudi shares closed higher on Saturday lifted by gains in the petrochemical
sector.

The all-share ended 0.8 percent higher to 7,105 points and the petrochemical
sector closed 1.2 percent higher at 6,089 points.

Heavyweight Saudi Basic Industries Corp (SABIC) ended 2.2 percent higher.

The banking sector also closed higer by 0.2 percent, ending at 15,851
points

World energy markets lifted on Friday after a volatile trading session. Brent October crude rose 76 cents to settle at $114.25 a barrel and US October crude rose 89 cents to settle at $96.42 a barrel.

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