New voter surge in early voting could sway battleground states in 2024 US presidential election    Civil Defense urges caution amid forecast of heavy rain to hit most Saudi regions until Monday    What's in it for FinTech startups in events like Biban24    Al Nassr and Al Hilal share points in intense Riyadh Derby draw    ImpaQ: Riyadh to host first Impact Makers Forum in December    Saudi Arabia ranks 12th globally in international visitor spending in 2023    SFDA chief discusses investment opportunities in food and pharmaceutical sectors with Chinese companies    Riyadh's Sports Boulevard receives Platinum ActiveScore certifications    Saudi Arabia refutes claims of rising worker fatalities, highlighting low work-related death rates    US says around 8,000 troops from North Korea are stationed in Russia's Kursk region    Spain mourns as death toll passes 150 in catastrophic floods    Seven killed in Israel in deadliest Hezbollah rocket strikes in months    Cyclists on phones face jail under Japan's new traffic laws    Hidden sugars in Asia's baby food spark concerns    Saleh Al Shehri strike seals Al Ittihad's Sea Derby win over Al Ahli    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    Derby Week makes its debut in the Roshn Saudi League    Al Nassr eliminated from King's Cup after a defeat to Al Taawoun    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    Indonesia Days event celebrates cultural diversity at Al Suwaidi Park    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi shares surge on record oil rise
Published in The Saudi Gazette on 07 - 11 - 2010

JEDDAH: Petrochemical shares in Saudi Arabia climbed 2.5 percent in early trading, lifting the Saudi index as crude prices hit a six-month high above $87 a barrel.
Saudi Arabia's index gained 1.86 percent to close at 6,461.74 points and the petrochemical index rose to 6,174.70 points.
The measure has rallied 12 percent since its low this year in May.
Oil prices rose to a two-year peak Friday, posting a fifth straight gain after a seesaw session as support from a stronger-than-expected US jobs report offset a rebound by the dollar.
US crude for December delivery rose 36 cents to settle at $86.85 a barrel, the highest close since October 2008.
Friday's $87.43 peak reached in post-settlement trading was the highest price since $89.82 was struck intraday on Oct. 9, 2008.
Prices rose $5.42, or 6.6 percent, for the week, the biggest percentage gain since the week to Feb. 19. Total crude trading volume was lackluster, at 501,000 lots with less than an hour of trading left Friday, nearly 25 percent below the 250-day average.
In London, ICE December Brent crude rose 11 cents to settle at $88.11.
Stocks advanced around the world this week after the Fed announced plans to buy an additional $600 billion of Treasuries in a second round of quantitative easing.
The central bank also kept its pledge to hold interest rates low for an “extended period” after Chairman Ben S. Bernanke said the program could be modified in some way.
“The market is taking its cue from the highly anticipated events of last week in the US,” said Asim Bukhtiar, equity analyst at Riyad Capital in Riyadh. “The QE2 announcement is expected to lift asset prices and risk tolerance.”
Saudi Basic Industries Corp (SABIC) advanced rose 2.54 percent to its highest level since May 12 after oil rose by $5.42 a barrel in the past week. National Industrialization Co (Tasnee) surged 3.7 percent to SR33, the highest price since Oct. 10.
Yanbu National Petrochemicals soared 3.7 percent to a six-month high of SR44.5.
Shares in the banking index also rose, gaining 0.19 percent. Al-Rajhi Bank added 0.65 percent.
Etihad Etisalat Co rose 1.9 percent to SR54.75, the biggest gain since Sept. 21.


Clic here to read the story from its source.