Saudi shares close 1.9pc high

05/09/2010 00:00 AST

Saudi shares closed with their biggest one-day gain since July 11 after fears the American economy is on the cusp of a new recession were further eased by data showing fewer US job losses than expected.

The all-share index ended 1.9 per cent higher at 6,275 points, its highest level since August 10. Shares in petrochemical giant Saudi Basic Industries Corporation added two per cent and largest-listed lender, Al Rajhi Bank ended a per cent higher.

Saudi Arabia is expected to raise prices of all its crudes heading to Asia for October as demand recovers from recent weakness and refining margins improve, after prices fell to 20-month lows, traders said on Wednesday.

European and US Stocks jumped and commodities rose on Friday after data showing fewer US job losses than expected. The Saudi bourse is closed on Thursdays and Fridays.


Reuters

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