Saudi shares surge 2.3% led by petrochemicals

Saudi Arabia's shares rose on Saturday, led by Saudi Basic Industries (Sabic) after stocks in the US and Europe gained and oil prices surged to their highest level this year.

Sabic, the world’s largest chemicals maker by market value, climbed 7.1% to SAR71.5 (US$19.07) after leading trade and accounting for almost a quarter of the day's turnover.

The Tadawul All Share Index (TASI) rose 2.29% to close at 5,751 points, the strongest one-day gain since 25 July.