Oil, U. S. consumer spending lift Saudi Stock Exchange
2012-04-29 - AMEinfo.com | Saudi Arabia | Latest News
Saudi Arabia: The Saudi Tadawul bourse started positively into April's last traing days, gaining 0.88% to hit 7,607.59 Saturday. The advance in oil prices, approaching a four week-high above $105 per barrel, along with a rise in U. S. consumer spending (up 2.9% in Q1) helped to improve the sentiment. Sabic, the petrochemicals and market bellwether surged 0.73% to reach SR103.50. Food producer Almarai jumped 4.28% to reach SR67.00. Earlier in the day, Almarau announced that the local production of Infant Formula, through its joint venture with Mead Johnson, International Pediatric Nutrition Co (IPNC), will be produced at the newly constructed factory in Al Kharj during the 1st week of May 2012. Market breadth was positive as 114 shares advanced, while 21 declined. Some 397.9m shares were traded, valued at SR8.8bn. View full article...