Oil price recovery helps Saudi market to stay afloat
- Saudi Arabia: Tuesday, September 11 - 2012 at 17:56
The Tadawul All-Share Index advanced by 0.20% Tuesday, closing at 7,086.80 points as market bellwether Saudi Basic Industries Corpodation or Sabic, the world's first petrochemicals producer, gained 0.83% to hit SR91.25. Oil prices (U. S. crude) hit a three-week high at above $97 per barrel. In the last four weeks, the "black gold" gained 4.55% in value. Allianz Saudi Fransi Cooperative Insurance Company extended its position above an all-time high, closing 8.23% to reach SR125. After hitting a 3.5-year high, Allied Cooperative Insurance Group fell on profit booking, ending down 6.80% at SR45.30.
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