Saudi shares surge 3% led by financials

Saudi Arabia's shares rose on Saturday, led by financials on the first day of trading after bankers announced that a debt-laden family-owned conglomerate had reached an agreement with local lenders.

The agreement to refinance debt owed to the banks by Saad Group will spur investor confidence, said Credit Suisse in a research note.

Samba Financial Group, Saudi British Bank, Al Rajhi Bank and Riyad Bank were raised to "outperform" from "neutral," by Credit Suisse. Banque Saudi Fransi and Arab National Bank were upgraded to "neutral" from "underperform."