The Saudi stock benchmark Tadawul All Share Index (TASI) climbed 1.68 percent Saturday to close at 6,173.49 points on gains in the petrochemical and banking sectors – the third day of increase – as government officials and central bankers took steps to ease the European debt crisis. TASI has declined 6.8 percent this year. The petrochemical index added 2.7 percent to 6,246 points. Heavyweight Saudi Basic Industries (SABIC) gained 2.5 percent and Saudi Fertilizers Co. (Safco) added 3 percent. The banking index gained 1.2 percent to 14,579 points, led by gains in heavyweight Al Rajhi Bank which added one per cent. European Central Bank President Jean-Claude Trichet pressed euro-area governments Friday to take decisive action to halt the debt crisis. Two days earlier, French President Nicolas Sarkozy and German Chancellor Angela Merkel said they are convinced Greece will remain in the euro zone. US stocks advanced, driving the Standard & Poor's 500 Index to the third-biggest weekly gain since 2009, as government officials and central bankers took steps to ease the European debt crisis. The S&P 500 climbed 5.4 percent to 1,216.01 this week, trimming its 2011 loss to 3.3 percent. "With the S&P above 1,200 and recording four straight up- days, the Saudi market is re-valuing," Asim Bukhtiar, an equity analyst at Riyad Capital, said. "Gains on global markets are reflective of subsiding investor anxiety. Overall, the Saudi market is sensitive to international news."
