Saudi bourse opens higher, boosted by oil price rise

Saudi shares opened higher led by gains in the petrochemical and banking sectors after oil prices rose on Friday.

Oil prices rose more than $1 per barrel on after the United Nation's nuclear watchdog said Iran has sharply stepped up work on uranium enrichment, putting Brent crude on track for a fifth straight weekly gain.

The all-share added 0.5 percent in early trading to 7,058 points and the petrochemical sector added 0.7 percent to 6,616 points.

Petrochemical giant Saudi Basic Indsutries (SABIC) cl 1.imbed5 percent.

The banking sector added 0.8 percent to 16,032 points.

Source: http://www.arabianbusiness.com/saudi-bourse-opens-higher-boosted-by-oil-price-rise-446871.html

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