Saudi Arabia Shares Up On Saturday
Published Saturday, 09 June 2012 18:25 | Written by Amwal Al Ghad
Shares rose in Saudi Arabia, OPEC’s biggest oil producer, as crude posted its first weekly jump since April and investors bet declines prompted by Europe’s debt crisis were overdone.
Al Rajhi Bank (RJHI:AB), the kingdom’s largest lender by market value, rose 1.4 percent, while Saudi Basic Industries Corp. (SABIC:AB), the world’s biggest petrochemical maker, known as Sabic, gained 0.8 percent.
The Tadawul All Share Index (SASEIDX) rose as much as 1.4 percent before trading up 0.3 percent at 6,683.76 as of 2:06 p.m. in Riyadh. The gauge lost 4.5 percent last week, its fifth weekly slide.
“Investors realize that the measure’s drop was exaggerated, so the market is correcting itself,” said Riyadh- based Turki Fadaak, head of research at Albilad Investment Co. “The measure was falling because of what’s happening in Europe, not because of anything fundamental in Saudi Arabia.”