Saudi shares rebound from early losses to close 0.8% higher |
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SAUDI ARABIA. The Saudi markets rebounded on Saturday as Saudi Basic Industries (SABIC), the world’s biggest chemical maker by market value, climbed to the highest close in six months.
SABIC gained 3.4%. National Industrialization Co, which holds interests in industrial and manufacturing firms in the kingdom, gained the most in two weeks.
SABIC climbed to SAR69.25, the highest close since 5 November. National Industrialization advanced 6.1% to SAR20.85.
Real estate and construction shares also lifted the market. Jazan Development posted the largest gain, advancing 9.66%. Emaar The Economic City rose 2.36%.
The Tadawul All Share Index rose 0.8% to close at 6,100.85 points bringing the advance for the quarter to 30%. Earlier today the measure lost as much as 1.3%.
Most sectors advanced with the leading petrochemicals sector gaining 3.13%, banks were down 0.24%, retail UP 0.86%, real estate development UP 1.05% and telecoms down 0.53%.
Oil advanced to US$61.67 a barrel yesterday on the New York Mercantile Exchange after the dollar dipped against major currencies on speculation the US may lose its AAA credit rating.
The Tadawul All Shares Index 52-week low was recorded at 4,068 points on 3 March 2009. Other Gulf markets are closed on Saturdays.


