Saudi banking shares rally

The Tadawul All-Share Index (TASI) yesterday rose 0.3 percent to its highest since April 2012. Banking shares extend the rally with the sector’s index rising 1.4 percent (231 points). TASI closed at 7,577 points. The Petrochemical Industries index rose 0.35 percent or 22 points. Reuters reported that Kuwait’s bourse dropped 1.4 percent, down for a fourth session in last five as investors continued a selling spree triggered last week. Dubai’s index failed to break through a technical resistance at 2,500 points, following a sharp rise in recent weeks. The benchmark declined 0.2 percent to 2,416 points, down for a second session since Sunday’s 54-month high. Source: ArabNews