Saudi index soars after king's comments on economy

Sat Nov 29, 2008 8:29 AM EST
advertisement

RIYADH — The Saudi stock market has soared 9.51 percent after the king described the economy as stable in the face of the global market meltdown.

The Tadawul All-Share Index (TASI) closed Saturday at 4,845.1 points. The rise was led by the banking and petrochemical sectors.

Last week, the TASI suffered a sharp drop, reaching a five-year low of 4,200 points, mainly because investors were alarmed by the sharp declines in crude oil prices.

Saturday's rise came after a widely publicized interview with Saudi King Abdullah in which he described the Saudi economy as being "in great shape." The king also said the national budget has not been affected by the world financial crisis.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
  • 0 Votes
  • Enjoy this article? Help vote it up the 'Vine.

Back To Top

Published to:

{"canLink":false,"threadId":0,"isPrivate":false}
Leave a Comment:
You're in Easy Mode. If you prefer, you can use XHTML Mode instead.
Newsvine Privacy Statement
As a new user, you may notice a few temporary content restrictions. Click here for more info.
{"threadId":0,"contentId":"2160381"}
Start TrackingStart Tracking
Stop TrackingStop Tracking
Back To Top | Front Page