Saudi shares surge to 6-month high led by petrochemicals

Saudi stocks surged almost 4% Saturday to close above 6,000 points, led by petrochemical stocks and as global oil prices traded around US$58, a year high.

The Tadawul All-Share Index rose for a fourth session, ending 3.75% higher at 6,019.69 points, its highest close since 5 November.

Saudi Basic, the world’s largest chemical maker by market value, known as Sabic, and Saudi International, or Sipchem, rose to their highest this year after they agreed to work together on projects in Jubail Industrial City on the Gulf coast.