Saudi shares rise

Saudi Arabian shares rose for a third day, led by Saudi Basic Industries Corporation (SABIC) on evidence that global economies are headed for a recovery.
The Tadawul All Share Index rose 2.59 per cent to 6094.91.

SABIC, the world’s largest chemical maker by assets, gained for the third day. Saudi Arabian Fertiliser Company (SAFCO), a unit of SABIC, advanced as much as 3.25 per cent. Almarai, the kingdom’s largest food producer, rose for the second day after announcing it would buy an Egyptian agriculture company.

The region’s largest bourse has gained 24 per cent this year after losing more than half its value last year as oil prices dropped.