Saudi bank, retail stocks rise

06 Feb 2015

(MENAFN) Stock Markets in the Gulf were mixed on Thursday as OIL prices seesawed erratically, dashing hopes for a smooth and sustained recovery, Arab News reported.

Brent crude, which had tumbled 5.5 percent in the previous session, swung between USD 53.07 and USD 56.19 per barrel on Thursday in a tug-of-war between bulls and bears.

Saudi Arabia’s Tadawul All-Share Index (TASI) inched up 0.1 percent, but Saudi Basic Industries Corp., the Gulf’s largest petrochemicals producer, dropped 2.3 percent.

Other Saudi Arabian corporates have announced plans to pay their employees two months’ salary as a bonus following a royal decree. The move could boost the profits of retailers such as Jarir and consumer-focused banks.

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