By Mohamed Abu Meleeh

Riyadh – Mubasher: Saudi stock market strengthened on Wednesday, amid strong liquidity, following the news that BlackRock Inc, the world's largest asset manager, has been granted regulatory approval from Saudi Arabia to trade local stocks.

The benchmark index rose 1.88%, or 140.19 points – its biggest daily gains in 15 sessions – to close at 7,602.49 points.

Wednesday’s turnover amounted to SAR 5.8 billion; the highest since 10 September.

Global oil prices rose on Wednesday, following US data that showed lower supply and a decrease in inventories. Brent oil rose $0.90 per barrel, after it jumped by $3 on Tuesday, while US crude increased by $1.18 to $49.71 per barrel.

Saudi Basic Industries Corporation (SABIC) CEO Yousef Abdullah Al-Benyan said he expects to make a decision in the second quarter of 2016 on whether to go ahead with a $30 billion oil-to-chemicals plant project.

He added that the economics of the project, whose potential investment size he confirmed, were being assessed and there was a 50/50 chance it would proceed.

The petrochemical industries sector was the top gainer (+3.83%), followed by real estate development (+2.69%). Telecommunications tailed the list, inching higher by 0.06%.

As for stocks, Petrochem was the best performer, with a surge of 9.78%, while SAICO led losers with a fall of 2.65%.

Translated by Sayed Abdel Rahman