Dec 05 2010 |
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Saudi stocks rise to 4-week high as oil nears $90
JEDDAH: Saudi Arabian shares, led by petrochemicals, rose the most in four weeks, after US and European stocks rallied in the week and oil prices surged to a 25-month high.The 146-company Tadawul All Share Index rose 1.21 percent, the most since Nov. 6, to close 6,421.86 Monday.
Saudi Basic Industries Corp. (SABIC), the world's largest petrochemicals maker, and National Industrialization Co.( Tasnee ), another petrochemical producer, paced the advance.
"It is not surprising to see a strong opening in the Saudi market especially in the petrochemical sector, given the strong performance of the international markets in equities and oil reaching close to the $90," said Fuad Aghabi, investment director at Ajeej Capital in Riyadh.
SABIC rose as much as 2.7 percent to SR104.5, the highest since Nov. 7. Tasnee climbed as much as 6.6 percent, the most in more than four months, to SR33.9 and Saudi Industrial Investment Group gained as much as 3.6 percent to SR21.35, the highest since May 22.
US, European and emerging-market stocks rose this week amid improved US economic data and efforts by the European Central Bank to stem the region's debt crisis.
US stocks closed their best week in a month Friday, shrugging off tepid jobs growth in a sign that the rally may have further to run.
The S&P 500 rose 3 percent this week, as investors were reassured by signs the economy is stabilizing and have taken a more optimistic view of Europe's debt crisis. This has helped push the S&P 500 close to a new two-year high. "We're within 5 to 6 points on the S&P of brand-new recovery cycle highs," said Jim Paulsen, chief investment officer at Wells Capital Management, in Minneapolis. "If it does break through, there is a lot of room to the upside."
The Dow Jones industrial average rose 19.68 points, or 0.17 percent, to end at 11,382.09. The Standard & Poor's 500 Index added 3.18 points, or 0.26 percent, to 1,224.71. The Nasdaq Composite Index gained 12.11 points, or 0.47 percent, to close at 2,591.46. The Nasdaq rose to nearly a three-year high, finishing Friday at its highest level since early January 2008.
Crude oil rose to the highest level in 25 months. Benchmark oil settled up $1.19 at $89.19 a barrel on the New York Mercantile Exchange. It's the second time in less than a month that oil has reached the level where it was in the fall of 2008. There are widespread expectations that the price will hit $90 a barrel by year's end and head toward $100 a barrel by next spring when traders begin looking ahead to the summer driving season.
In London, Brent crude rose 78 cents to $91.42 a barrel on the ICE futures exchange.
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