RIYADH: Saudi index edged up 0.6 percent to 9,872 points and petrochemicals giant Saudi Basic Industries (SABIC), which is poised to benefit from oil’s recovery, was the main support, climbing 2.0 percent.
Brent oil rose to a five-month high of $66.72 per barrel on Wednesday and traded above $66 on Thursday after the first crude stock drawdown in five months at the U.S. Cushing, Oklahoma hub suggested an oil glut might be starting to ease.
Brent crude is headed for a monthly gain of more than 20 percent and SABIC is up 35 percent this month. Most other petrochemicals stocks were also positive on Thursday.
A positive close for the Saudi index would mean a clear break above major technical resistance in the 9,572-9,745 point area, where the 200-day average roughly coincides with the March peak. It would then face no major resistance before the September peak of 11,160 points.
Egypt’s index rose 1.6 percent, continuing a rebound from a four-month low hit this week. The market turned around after a group of investors who had sought to overturn an unpopular move to tax capital gains and dividends said they had submitted their compromise proposals to the government.
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