Riyadh: Saudi Arabian shares advanced on the week's first day of trading on Saturday, led by Al Rajhi Bank and Saudi Basic Industries Corp (Sabic), after US stocks and oil had their first weekly gains in a month.
Al Rajhi, the largest lender in Saudi Arabia by market value, rose as much as 0.7 per cent. Saudi Basic Industries, the world's largest chemicals maker, climbed as much as 0.9 per cent. Saudi Industrial Investment Group, a petro-chemicals maker, gained as much as 5.1 per cent and Yanbu National Petrochemical Co. added as much as 7.4 per cent.
The Tadawul All Share Index rose 0.5 per cent and traded at 6,253.21 in Riyadh, bringing its gain this year to 1.8 per cent. The gauge added 27 per cent last year after slumping more than 50 per cent in 2008 as the price of oil, the country's biggest export earner, declined.
US stocks rose last week, completing the Dow Jones Industrial Average's first rally since the week ended January 8. Oil gained 4 per cent, its first weekly advance over the same period. Crude oil for March delivery fell $1.15, or 1.5 per cent, to $74.13 a barrel on Friday in New York.
Sabic added as much as 0.75 riyal to 86 Saudi riyals and traded at 85.75 riyals. Al Rajhi climbed as much as half a riyal to 74.5 riyals. Saudi Industrial added as much as 1.05 riyals to 21.6 riyals and traded at 21.1 riyals. Yanbu National, a unit of Sabic, added as much as 2.4 riyals to 35 riyals.
