Saudi Shares Rise on Global Economy Optimism, Led By Sabic

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Saudi Arabian shares rose, led by Saudi Basic Industries Corp., after smaller-than-expected U.S. job losses boosted optimism for a global economic revival.

The world’s biggest chemicals maker, also known as Sabic, gained 1.9 percent to 91.75 riyals ($24.5), the highest since October 2008.

The Tadawul All Share Index gained 0.9 percent to 6,539.67 in Riyadh. The measure is up more than 6 percent this year as oil prices surged to the highest level in almost eight weeks. Saudi Arabia is the world’s largest crude exporter.