Saudi stock market surges 1.85%

09 June 2010

In line with the recovery at Western stock markets the Saudi Arabian Tadawul All Share Index (Tasi) advanced 1.85% and closed at 6,110.98 points, well above the psychological important resistance level at 6,000.00 points. Higher oil prices, advancing nearly 3% until the close of trading in Riyadh to almost $74 per barrel, supported the bull's run. Al-Ahlia Insurance rebounded nine percent and ended at SR50.52 points after hit a new-year low on Tuesday. Market bellwether Sabic added 2.5% (closing at SR88.50). Sabic is well on the way to recover after the petrochemical giant topped out on May 4 at SR106.75. All Tasi sector indices gained ground, with 31 stocks (mostly financials) losing and 94 shares adding value.

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications