Saudi bourse breaks through 7,000 barrier

Kingdom's index rises 0.21% in early trade, buoyed by advances in global equity markets
Saudi bourse breaks through 7,000 barrier
Published: 26 January 2013 - 8:38 a.m.
By: Reuters

Saudi stocks rose in early trade, buoyed by advances in global equity markets, with an increase in shares for the important petrochemicals and banking sectors.

The all-share index climbed 0.21 percent to top the psychologically important 7,000 mark, boosted by a half-percent rise in shares of Saudi Basic Industries Corp (SABIC), the world's biggest petrochemical company by market value.

The heavyweight Al Rajhi Bank gained 0.36 percent in early trading.

Global equity markets climbed on Friday after solid US corporate earnings and signs of a brighter outlook for the German economy.

Crude oil prices, closely watched by investors in the world's top oil exporter, stayed flat.


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