Saudi stocks close slightly up on Saturday after gains on international equity markets and a rise in the oil price. The all-share index closes up 0.20 percent at 7,058 points, with petrochemical stocks up 0.30 percent and banking stocks up 0.16 percent. However, shares in the kingdom's two largest listed companies did not rise. Saudi Basic Industries (SABIC) shares were flat on the day and Al Rajhi Bank shares slipped 0.36 percent after rising in early trade.
On Friday, Saudi King Abdullah appointed his youngest half-brother, Prince Muqrin, as second-deputy prime minister, providing reassurance about who would be running the country if both the monarch and his heir, Crown Prince Salman, were abroad. Saudi stocks open higher on Saturday, after a surge in US shares and crude oil prices on Friday and the announcement of a top government appointment seen as providing more stability to the kingdom's ruling family.
The all-share index rises 0.32 percent in early trading, with heavyweight Al Rajhi Bank stocks rising 0.72 percent. Saudi Basic Industries Corp (SABIC) shares stay flat after it announced earlier on Saturday that output at its European unit had been hit by a labour strike. On Friday, Saudi King Abdullah appointed his youngest half-brother, Prince Muqrin, as second-deputy prime minister, providing reassurance about who would be running the country if both the monarch and his heir, Crown Prince Salman, were abroad.
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