Saudi stocks gained 0.98 percent in Saturday's trading to close at 6,164.60 points, with gains in all sectors after oil prices rose Friday and five major banks posted strong third quarter profits. The all-share rose 0.6 per cent to 6,141 points. Benchmark crude rose $2.57, or 3.1 percent, to end at $86.80 per barrel in New York. That's the highest level since Sept. 20. Brent crude, which is used to price oil from foreign countries, rose $3.57, or 3.2 percent, to finish at $114.68 in London. The petrochemical index added 0.6 percent to 6,141 points, as Saudi Basic Industries climbed 0.8 percent. The banking index also rose 0.7 percent to 14,336 points after five banks posted strong third-quarter net profits Wednesday. Heavyweight Al Rajhi Bank added one percent. "The market is gaining, supported by banks, many of whose earnings were released last weekend," said Turki Fadaak, head of research at Riyadh-based Albilad Investment Co. Eight of the 11 publicly traded banks reported third-quarter earnings on Oct. 12. "Continuous positive international market performance and oil above 85 dollars, as well as good results by major Saudi banks are lifting the index," said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai. Meanwhile, Saudi market lost 7.05 percent of its value in Q3, '11 as Tadawul declined to 7.68 percent in 9 months. Tadawul All Share Index (TASI) shed 7.05 percent of its value in 3Q2011, bringing its 9M2011 loss to 7.68 percent, as it closed at 6,112.37 points.
