JEDDAH – Saudi Arabia stocks were higher after the close on Wednesday, as gains in the Petrochemicals, Multi Investment and Insurance sectors led shares higher.
At the close, stock benchmark Tadawul All Share Index gained 1.50% to hit a new 6-months high.
The best performers of the session on the Tadawul All Share were Saudi Transport & Investment Co, which rose 6.78% or 3.35 points to trade at 52.75 at the close. Meanwhile, Fawaz Abdulaziz AlHokair Company added 6.67% or 2.20 points to end at 35.20 and Ash-Sharqiyah Development Company was up 6.59% or 2.90 points to 46.90 in late trade.
The worst performers of the session were Gulf Union Cooperative Insurance, which fell 1.49% or 0.15 points to trade at 9.90 at the close. Saudi Vitrified Clay Pipes Co. declined 1.02% or 0.75 points to end at 73.00 and Saudi Research and Marketing Group was down 0.60% or 0.20 points to 33.20.
Rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange by 145 to 8 and 16 ended unchanged.
Crude oil for January delivery was up 7.21% or 3.26 to $48.49 a barrel. Elsewhere in commodities trading, Brent oil for delivery in February rose 7.33% or 3.47 to hit $50.79 a barrel, while the February Gold contract fell 0.68% or 8.10 to trade at $1182.70 a troy ounce.
Asian markets struggled Wednesday as oil prices staged a mild recovery from the previous day›s sharp sell-off, with investors growing uneasy over the chances of an output-cutting deal at a crunch OPEC meeting.
Some of the biggest producers in the world head into the Vienna conference no closer to compromise on the details of a September agreement to address a glut that has battered crude markets for two years.
All three main New York indexes rose Tuesday after data showed stronger-than-expected third-quarter US growth, higher housing prices in September and a sharp rebound in consumer confidence in November. — SG/Agencies
