Saudi shares climbed 3.7 percent in the week to yesterday, to set yet another record high as strong results from blue-chips kept rolling in and still-high oil prices buoyed the market, traders said. The all-share index of the largest Arab bourse ended at 7,210 points, up from 6,949.86 a week ago. The index, which first passed the 7,000 point mark on Saturday, is up 62.5 percent so far this year. Turnover rose to SR33.6 billion ($8.9 billion) from SR31.3 billion a week earlier. Bakheet Financial Advisors (BFA) said in a report that solid third quarter results from blue chips maintained upward pressure on share prices. Petrochemical giant SABIC - Saudi Arabia's biggest listed firm in terms of market capitalization - closed up 7.7 percent at SR773. The firm, the second most active share with 13 percent of turnover, said last week its nine-month net profit had doubled to $2.55 billion. Gainers outnumbered decliners 64-8 during the week. Banque Saudi Fransi, which posted a 32 percent rise in nine-month net profit, also gained 7.7 percent to SR649.5. Saudi Telecommunications Co., the most active stock with 16.9 percent of turnover, added 2.2 percent to SR553. "We expect steady status for trading during the next weeks, while investors' eyes remain focused on any volatility impacting oil prices," BFA said. Surging oil prices have pumped cash into the world's biggest crude exporter, boosting corporate profits and increasing liquidity on the stock exchange.
