Saudi Arabia’s shares headed for the first weekly gain in six after oil advanced and the European Central Bank endorsed a plan to guarantee bank deposits, boosting appetite for assets in the world’s top oil exporter.
Saudi Basic Industries Corp, the world’s biggest petrochemicals maker, increased 0.8 per cent. Al Rajhi Bank, the kingdom’s largest lender by market value, climbed for the fourth day in five.
The benchmark Tadawul All Share Index advanced 0.4 per cent to 6,755.37 points at in Riyadh, bringing the gain in the past five days to 1.5 per cent.
The Bloomberg GCC 200 Index rose 0.2 per cent as Kuwait’s gauge lost the most since March 2011 following resignations by two ministers in three weeks.
In Kuwait, the SE Price Index slumped 1.7 per cent to 5,915.96. Bahrain’s measure slumped 1.6 per cent to the lowest on record and Qatar’s QE Index fell 0.2 per cent while Oman’s MSM30 Index slipped 0.1 per cent.
Events to be staged at the DWTC, comprising diverse sectors including construction, energy, technology, beauty, food, healthcare, environment and automotive, will mark the emirate’s post-pandemic economic recovery
Local business2 months ago