Saudi shares soar eight percent

RIYADH - The Saudi stock market, the largest in the Arab world, soared 8.2 percent halfway through trade on Monday to above the 6,000-point mark after hitting a four-year low two days ago.

By (AFP)

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Published: Mon 13 Oct 2008, 5:10 PM

Last updated: Sun 5 Apr 2015, 2:18 PM

The Tadawul All-Shares Index was trading at 6,290.20 points, bolstered by a nine percent jump in the leading petrochemicals sector. Market leader SABIC rose 8.8 percent.

All 15 market sectors rose, as well as shares of the 125 companies traded.

The Saudi bourse tumbled to a four-year low on the first trading day of the week on Saturday but rose slightly on Sunday after authorities cut the repurchase (repo) rate by a half percentage point to five percent.

Authorities also reduced from 13 percent to 10 percent the compulsory reserves Saudi commercial banks are asked to maintain on deposits, thus giving them more freedom to lend.

Banks reacted positively to the measures with the banking sector rising 7.5 percent.

The TASI closed on Sunday slightly higher for the first time in two weeks, after shedding a massive 23 percent. It is still down 43 percent on the year.

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