As Obama arrives in Riyadh, Saudi shares surge
The Tadawul All-Share Index TASI advanced 2.43 per cent on Tuesday, January 27, to reach a one-month high at 8,686.16 points.
The market’s leader and bourse indicator SABIC jumped 6.36 per cent to hit SAR84.
Earlier in the day, U. S. president Barack Obama arrived in Riyadh with a high-level delegation in Riyadh to express condolences on the death of former King Abdullah who passed away last Friday and to meet the new King Salman,
Obama cut short his trip to India to visit Saudi Arabia, a key U. S. ally, a move which political observers said indicates ongoing strong relations between the largest GCC country and major oil supplier and the world’s biggest economy.