|02-01-2015, 03:26 PM||#1|
King`s payout, oil rebound push Saudi stocks higher
Saudi Arabia’s equity market surged on Sunday, following a very sharp rebound in oil prices and after new King Salman ordered a generous payout for state employees.
The Tadawul All Share Index was last up 3.48% with all shares in the green, having risen 4% at the start of the session.
The index’s main support was Saudi Basic Industries (SABIC). The petrochemicals giant gained about 6.5% on the back of the oil-price bounce.
Bullish bets that oil prices have found a floor were intensified after Brent crude and U.S. crude prices jumped 8% on Friday, following reports that oil drilling rigs in the U.S. declined last week.
Markets also received a push after King Salman ordered the payout of two months of bonus salary to all state employees and retired workers and students.
Also, the statement included increased state spending to civic and professional students, students, and utility services upgrades.
All markets in the Gulf also rejoiced on the news, with Dubai leading gains by a 4.51% broad rise.
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