RIYADH, Aug 13: Strong oil prices pushed Saudi Arabia’s stock index to a record high above 14,000 points on Saturday with petrochemical giant SABIC leading gainers. The index of the Arab world’s largest bourse ended the morning session up 1.98 per cent at 14,205 points after hitting 14,261 earlier in the day.
SABIC, the kingdom’s largest listed firm in terms of market capitalisation, ended the morning 6.06 per cent up at a year high of 1,534.75 riyals compared with a low of 624.8 riyals in January.
It is purely oil prices that are driving the market. Oil prices are high even if they fall a few dollars, one trader said, adding that he expected more market gains on Sunday.
Oil prices raced to record highs above $67 a barrel on Friday as investors fretted over the world’s strained capacity to refine and pump crude oil.
Opec producer Saudi Arabia is the world’s largest oil exporter and has reaped huge rewards from surging oil prices.
—Reuters
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