By Souhail Karam
UPDATE 1: All-share index TASI ends 1.66% higher, its highest since Oct 26.
Petrochemicals and investment stocks led Saudi shares to a higher close after better-than-expected earnings by Citigroup Inc and General Electric Co boost hopes that the US economy is stabilising.The all-share index TASI ended 1.66 percent higher at 5,466.49 points, its highest since Oct. 26.
Market's heavyweight Saudi Basic Industries Corp(SABIC) gained 8.92 percent at 52.50 riyals, its highest close since Jan 13 as investors gear up for the imminent announcement by the state-controlled firm of its first-quarter earnings.
Kingdom Holding Co, one of Citigroup's largest shareholders, rose almost limit up to 5.10 riyals, which is still about half its listing price.
Citigroup's shareholder loss for the first quarter narrows to $966 million, or 18 cents per share, from $5.19bn, or $1.03, a year earlier. The bank's revenue roughly doubles to $24.79bn. Analysts on average had expected a loss of 30 cents per share on revenue of $21.73bn, according to Reuters Estimates. (Reuters)