Saudi stock market breaks three-week losing streak

Shares in Saudi Arabia have dropped in recent weeks, prompting the State purchasing Fund, news that boosted the market on Saturday. Photo: Reuters

Saudi Basic Industries Corp., manufacturer of petrochemicals most climbed 9 1pc, and Al Rajhi Bank, lender of the Kingdom, jumped 7 FP6.

The Tadawul all share index, Monte 7 3pc, the steepest gain since November 2008, at 5,709.91 at the close to Riyadh. The gauge snap a losing stria of 13 days, the longest predatory from a similar period in July 1996.

The increase in oil prices will boost the "strong condition" of the Kingdom, the Finance Minister Ibrahim al-Assaf said Al Arabiya TV.

Shares in Saudi Arabia, which makes comments 20pc of proven reserves of oil, are now attractive and retirement agency public Saudi bought shares last week, he said.

The General Organization of the State social insurance also bought stocks, according to Fuad Aghabi capital Ajeej.

"The Assaf comments have had the greatest impact on the market," said Aghabi, Director of investment Ajeej Capital in Riyadh.

Stocks fell across the region last week, sending shares of Bloomberg GCC 200 Index of the Persian Gulf level lowest since 2009 and propel the benchmark Saudi down the most in two years, on concerns that the turmoil in Libya is spreading across the Middle East.

"With my confidence in the economy and this country, I also took the opportunity" and bought shares, said Finance Minister Al Assaf. "I am an investor in the long term."

Rose oil 2 5pc to a maximum of 29 months yesterday. Crude oil for April delivery rose $104.42 per barrel on the New York Mercantile Exchange, the highest settlement since September 26, 2008.

Shia Muslims in the Eastern province of Saudi Arabia held two events on 3 March to call for the release of prisoners, a rare event in the top world oil exporter.

Department of the Interior said that demonstrations, marches Saudi and the sit-in is "strictly" prohibited by virtue of the laws of the Kingdom, reported the official Saudi press agency, quoting an unidentified Ministry official.

"Comments of the Minister of Finance contributed today to transform the concern of internal unrest," said Aghabi capital Ajeej.

"It remains to see if sentiment will continue to be positive in course of the week".

Saudi Arabia is the only Gulf Arab scholarship open on Saturday.

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