SABIC heads Saudi rally as oil price rise supports

23/11/2014 12:43 AST

Saudi Arabia's bourse rose in early trade on Sunday as most stocks gained after oil prices edged up and global equities rallied on Friday.

The main Saudi index added 1.0 percent as shares in petrochemicals giant Saudi Basic Industries (SABIC) rose 1.4 percent.

Brent crude climbed back above $80 per barrel and global stock markets also edged up on Friday after China made a surprise interest rate cut and the European Central Bank indicated it would step up asset purchases.

China is a major market for Gulf petrochemicals firms such as SABIC and measures aimed at boosting its economy are positive for those stocks.

Shares in Etihad Etisalat 7020.SE (Mobily) edged down 0.4 after the telecom operator suspended its chief executive Khalid al-Kaf, a move that had been largely expected by the market following its decision to restate 18 months of previously-announced earnings, wiping out $381 million of prior profits.

Egypt's bourse slipped 0.2 percent as developer Talaat Moustafa Group fell 1.0 percent and Telecom Egypt lost 1.7 percent.

Shares in Amer Group rose 1.6 percent after the firm said it would split into two companies.


Reuters

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