May 29 2011 |
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Saudi stocks soar to 4-month high on oil
JEDDAH: Saudi Arabian shares rose to the highest level in four months Saturday as oil prices gained after leaders of the Group of Eight nations said the global economy is strengthening.Crude oil prices stabilized Friday in muted trading before a long holiday weekend in Britain and the United States, where financial markets will remain closed Monday for public holidays.
New York's main contract, light sweet crude for delivery in July, rose 36 cents to fetch $100.59 per barrel at the end of trade.
Brent North Sea crude for July slid two cents to $115.02 a barrel in London.
Saudi Basic Industries Corp. ( SABIC ) and National Industrialization Co. (NIC) led the gains.
Emaar Economic City (EMAAR) gained the most in almost three years. The Tadawul All Share Index (TASI) climbed 0.41 percent to 6,751.11, the gauge's highest level since Jan. 17, at close.
Three shares rose for every stock that dropped and the index rallied for a third day, extending quarterly gains to 2.9 percent. "Recent negativity out of Europe is being shrugged off by local investors as the return of oil above $100 is at the forefront of investor minds," said Amro Halwani, a senior trader at Shuaa Capital PSC in Riyadh. "This is keeping Saudi petrochemical equities on high demand."
SABIC gained 0.5 percent to SR107.75, the highest price since May 22, after Chief Executive Officer Mohamed Al-Mady said the company plans to expand in China and Saudi Arabia this year. National Industrialization gained 1.2 percent to SR42.20, its highest price since July 8, 2006. Al Rajhi rose 0.3 percent to SR76.
"The market remains very prone to volatility as speculators continue to dominate the flows on mid and small cap companies," said Halwani.
Emaar Economic, a unit of Dubai's Emaar Properties PJSC, rose 9.5 percent, its largest gain since Nov. 29, 2008, to SR8.10, after raising SR5 billion ($1.3 billion) from the Saudi government to finance construction of real-estate projects in the Kingdom.
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