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Oil prices lift Saudi stocks in early trade

Oil prices lift Saudi stocks in early trade

Saudi shares open higher led by gains in petrochemical stocks after oil prices posted on Friday, the biggest quarterly gain since the beginning of 2011.

April 1, 2012 10:48 by



Saudi shares open higher led by gains in petrochemical stocks after oil prices posted on Friday, the biggest quarterly gain since the beginning of 2011.

The growing threat of a disruption to Iranian exports added to supply concerns, pushing prices up.

The all-share gains 0.7 percent to 7,830 points and the petrochemical index adds 0.9 percent to 7,260 points.

Petrochemical giant Saudi Basic Industries Corp (SABIC) gains 0.9 percent in early trade.

The banking index rises 0.4 percent to 18,019 points. (Reporting by Reem Shamseddine)



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