Saudi stocks edge upwards
Saudi stocks close higher yesterday with gains in all sectors after oil prices edged up on Monday and the U.S. Senate passed a deal to avert a "fiscal cliff" which threatened the world's largest economy.
The all-share ends 0.9 per cent higher to 6,860 points and the petrochemical index jumps 1.8pc to 5,959 points.
Heavyweight Saudi Basic Industries Corp. (SABIC) adds 0.6pc and Saudi Fertilizers Co (SAFCO) gains 1.6pc.
Most Gulf stock markets were closed yesterday for the New Year holiday, but Saudi Arabia and Oman were open.
In Oman, the index closes slightly higher, gaining 0.05pc, to 5,764 points. The government yesterday passed a 2013 budget plan with spending of 12.9 billion rials ($33.5bn) and a revenue of 11.2bn rials.
- Why India is likely to re-emerge as the UAE's top trade partner
- What's really attracting high net worth individuals to living in the UAE?
- Forbes Middle East reveals names region's 200 most powerful women
- Presidential vacuum, Syrian crisis leaves Lebanon's business leaders more than worried
- Oil wells, taxes, and scare tactics: how the IS has been making money all this time