Saudi shares climbed 1.56 percent mainly on gains in cement and banking stocks where investors sought to position themselves at the start of the new year. The all-share index added 261 points to close at 16,973 points. Turnover reached SR26 billion ($6.9 billion), against SR23 billion on Saturday, according to a report published today by Saudi Gazette. The gains yesterday add to the largest Arab bourse's 104 per cent rise in 2005 and 620 percent since late-2002, in a rally fuelled by increasing oil revenues, improved macro-economic indicators and a generous hike in public-sector wages. Banking shares index rose by 2.88 percent and cement shares index added 5.4 percent. The heavyweight industry index inched down 0.12 percent.
