Saudi Arabia’s shares were set for the highest close in more than two weeks after crude oil advanced on speculation banks will take steps to bolster global growth as investors await the result of Greek elections.
Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, advanced 1.4 percent. Al Rajhi Bank (RJHI), the kingdom’s largest lender by market value, was poised for the highest close in almost a week. The Tadawul All Share Index (SASEIDX) climbed 0.8 percent to 6,797.46 at 12:02 p.m. in Riyadh, headed for the highest close since May 30.
“The latest developments in international markets and oil prices are supporting the Saudi market,” said Riyadh-based Turki Fadaak, head of research at Albilad Investment Co. “Investors are awaiting the outcome of the Greek elections.”
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