Publication Date:
Fri, 2004-04-09 03:00
RIYADH, 9 April 2004 — Saudi stocks continued their bull run in the week to Thursday, climbing 1.2 percent in record volumes as blue chips led by banks gained on optimism over first-quarter results.
The all-share index of the largest Arab bourse closed at 5,297.82 points, up 19.4 percent this year after 2003’s 76 percent rise. It had climbed to life-highs over 5,300 points during the week before retreating on profit-taking.
Turnover hit an all-time weekly high of SR32.2 billion ($8.6 billion), up from SR28.3 billion a week earlier.
Strong oil revenues have boosted the economy of the world’s biggest crude exporter, helping corporate earnings and boosting investor liquidity in a year-long rally.
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