Saudi Shares Rally to One-Month High After Bank Earnings, Rising Oil Price - Bloomberg

Saudi shares rose to the highest level in a month as banks posted better-than-estimated earnings and after global stocks gained and oil rallied amid optimism over steps by European leaders to support the region’s banks.

Al Rajhi Bank (RJHI), Saudi Arabia’s largest publicly traded lender by market value, strengthened the most in a week. Saudi Holland Bank jumped the most in seven months after posting four- fold profit increase. Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, surged to the highest price in three weeks.

The 148-company Tadawul All Share Index (SASEIDX) rose 0.9 percent to 6,161.39, the highest intraday level since Sept. 18, at 12:52 p.m. in Riyadh. Seven shares rose for every stock that dropped.

* username: rupertbu