RIYADH (AFP) – The Saudi stock market closed up 9.51 percent on Saturday, its largest gain this year, after King Abdullah said the economy of the oil powerhouse remained solid despite the global economic crisis.
The Tadawul All-Shares Index (TASI) closed at 4.845,11 points on the first day of the trading week in the oil-rich kingdom. All sectors made gains of nearly 10 percent, with the leading petrochemicals sector up at 9.48 percent, banks 9.12 percent and telecoms 9.76 percent King Abdullah said in an interview published in the Kuwaiti newspaper As-Sieyasah that the Saudi economy was solid, adding that he considered 75 dollars to be a “fair” price for a barrel of oil.
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