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.

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