SABIC’s gains lift Tadawul index to 4 week high

Saudi Arabia’s key stock market index rose to a four-week closing high yesterday, helped by a 1.4 percent gain in Saudi Basic Industries Corp. (SABIC). The Tadawul All-Share Index closed higher at 6,878.19, up 55.33 points or 0.81 percent for the day. On year-to-date basis, it showed a yield of 7.17 percent. The petorchemical industries index was up 1.6pc yesterday. “The petchem stocks have been among the best performers so far this week — they’re benefiting from global sentiment and particularly higher oil prices,” Paul Gamble, head of research at Jadwa Investment, told Reuters. Brent crude is up 8.3 percent in July, with worries about supply from Iran supporting prices. US crude is set to post a monthly gain of more than 3 percent, ending a two-month streak of declines. Brent September crude fell $1.40 to $104.80 a barrel by 1639 GMT yesterday. US September crude slumped $1.95 to $87.83. Most Gulf markets also rose on hopes European and US policy makers will announce economic stimulus, while upbeat earnings from the UAE’s property sector lifted local sentiment. Egypt’s index rose 2 percent, its largest gain since July 2. Abu Dhabi’s index climbed 0.5 percent to its highest close since June 21. In Dubai, Emaar Properties climbed 0.9 percent to a 15-month high, extending gains since reporting above-forecast earnings on Sunday. From : Arabnews