Saudi shares close slightly up, recouping losses sustained during early trading to gain 0.20 percent by the end of the session, led by banking stocks. Saudi share prices are often influenced by activity on Wall Street and in global oil markets, both of which suffered minor losses on Friday.

The banking index gained 0.17 percent, led by a 0.38 percent rise for heavyweight Al Rajhi Bank, Saudi Arabia's largest listed lender. However, the important petrochemical index lost 0.35 percent. Saudi shares open down after world markets and oil prices drop on fears over the US "fiscal cliff", hitting both banking and petrochemical stocks. The all-share index falls 0.35 percent in early trading, weighed by the banking index which loses 0.29 percent and the petrochemical index which drops 0.56 percent.

Saudi Basic Industries Corp (SABIC) shares fall 0.54 percent but Al Rajhi Bank gains 0.38 percent. The collapse of a Republican plan to avoid the US "fiscal cliff" on Friday caused shares to dip on Wall Street and oil prices to fall by more than 1 percent.

Copyright Reuters, 2012