Saudi stock benchmark rises 1.3% in week

JEDDAH – Saudi stock benchmark Tadawul All Share Index gained 0.25 percent to 6,744.53 at the close in Riyadh, bringing this week’s advance to 1.3 percent.

Dubai’s benchmark DFM General Index (DFMGI) rose 0.6 percent to 1,477.86.
Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, increased 0.8 percent to SR90.25, the fourth advance in five days. Crude for July delivery earlier rose as much as 0.6 percent Wednesday to $83.82 a barrel.

Kingdom Holding Co. rose 3 percent to SR12.2, the highest since May 8, bringing the gain this week to 16 percent. The company earlier this week said a unit sold its stake in Movenpick Resort & Spa Karon Beach Phuket for $90 million.

Separately, Elad Group is close to selling its stake in New York’s Plaza Hotel to Sahara India Pariwar, and Kingdom will hold a 25 percent stake after the deal is done, according to a person with knowledge of the transaction. – SG