Saudi stocks rise, led by oil, banking sector

Riyadh : Saudi stocks rose yesterday led by gains in the petrochemical and banking sectors after oil prices post their third consecutive monthly gain.

The Tadawul all-share index (Tasi) was up 0.7 per cent, mainly led by a 1.01 per cent rise in the petro-chemical index and a near 0.84-per cent gain in banking stocks index. Shares in Saudi Basic Industries Corporation rose 0.48 per cent and shares in Al Rajhi Bank gained 0.9 per cent. Yesterday, the chief executive of the country's state oil company said Saudi Arabia's domestic demand for energy is set to rise by 250 per cent to 8.3 million barrels of oil a day by 2028.