Saudi shares rose for a third day, led by petrochemical companies and banks, after U.S. stocks posted the biggest weekly rally in two years after Greece took action to avoid a default.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical maker, and Al Rajhi Bank paced the gains. Saudi Arabian Mining Co., also known as Ma’aden, rose for the fifth day after announcing financing for an aluminum project the company is developing in a joint venture with Alcoa Inc.
The 146-company Tadawul All Share Index (SASEIDX) rose 1.2 percent to 6,653.68 at the close in Riyadh today, its highest closing level since June 6. The largest bourse by market value in theMiddle East has gained 0.5 percent this year.
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