Saudi Arabian Shares Advance Most in a Month as Earnings Beat Estimates - Bloomberg

Saudi shares gained the most in a month after second-quarter earnings came in above analysts’ expectations and as U.S. and European stocks rose and crude oil prices advanced.

Saudi Basic Industries Corp., the world’s largest petrochemical maker, Al Rajhi Bank, the kingdom’s largest lender by market value, and Samba Financial Group paced the rise, as all 15 industry groups climbed. The Tadawul All Share Index rose 2.4 percent to 6,200.26, the highest level since June 28. The gauge gained 0.4 percent last week.

“The market response is strong on the better-than-expected second-quarter earnings,” said Younas Malick, senior economist at the National Commercial Bank in Jeddah. “The results of 16 companies combined shows strong 21.4 percent net-earnings growth during the January-June period.”