RIYADH: Saudi shares closed slightly up, recouping losses sustained during early trading to gain 0.20 per cent by the end of the session, led by banking stocks, according to Arabian Business, quoting Reuters.
Saudi share prices are often influenced by activity on Wall Street and in global oil markets, both of which suffered minor losses on Friday.
The banking index gained 0.17 per cent, led by a 0.38 per cent rise for heavyweight Al Rajhi Bank, Saudi Arabia’s largest listed lender. However, the important petrochemical index lost 0.35 per cent.
The collapse of a Republican plan to avoid the US “fiscal cliff” on Friday caused shares to dip on Wall Street and oil prices to fall by more than 1 per cent.
Brent February crude fell $1.23 a barrel and US February crude dropped $1.47 a barrel. The Dow Jones Industrial average closed down 0.91 per cent and the Standard & Poor’s 500 Index lost 0.94 per cent.