Oil prices boost Saudi shares

Saudi Arabia's index was lifted by higher oil prices yesterday, led by Saudi Basic Industries Corporation (Sabic).Brent crude for October rose US$1.18 to $110.31 after the American Petroleum Institute said on Tuesday that US petrol stocks fell 5.4 million barrels, more than forecast.Sabic, the world's biggest petrochemical maker, was up 1.8 per cent to 96.50 riyals a share. The company has the biggest weighting on its home index. The Saudi Tadawul All-Share Index was up 0.5 per cent to 6088.25 points. In the UAE, stocks were little changed with investors unwilling to build positions in the current uncertain global backdrop."The fuel with small investors is out with no more money to burn," said Mohammed Ali Yasin, the chief investment officer at CAPM Investment in Abu Dhabi.The Dubai Financial Market General Index was up 0.04 per cent to 1467.15 points. Aramex, the region's largest courier company, was down 0.5 per cent to Dh1.75 a share.In the capital, Aldar Properties was down 0.8 per cent to Dh1.18 a share. Sorouh, Abu Dhabi's second-biggest developer, was down 0.8 per cent to Dh1.16. Ras Al Khaimah Cement was down 1.3 per cent to 75 fils.The Abu Dhabi Securities Exchange General Index was down 0.03 per cent to 2584.98 points.Elsewhere in the region: Bahrain's index was unchanged at 1266.26 points; Oman's benchmark added 0.6 per cent to 5488.06 points; and Qatar's benchmark added 0.8 per cent to 8203.35 points. From / The National