Saudi Shares Rise to 17-Month High, Led by Sabic, as Oil Climbs

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Saudi Arabian shares climbed to a 17-month high, led by Saudi Basic Industries Corp. and Etihad Etisalat, as oil climbed to its highest since October 2008.

Saudi Basic Industries, the world’s biggest chemicals maker by market value, advanced to its highest in almost 17 months, while Etihad Etisalat, the Saudi Arabian unit of United Arab Emirates’ biggest phone company Emirates Telecommunications Corp., climbed to its highest in two years. Saudi Arabia’s Tadawul All Share Index rose 0.4 percent to 6,826.48, the highest since October 2008.

Crude oil surged to a 17-month high yesterday on signs that global economic growth is accelerating, bolstering optimism that fuel consumption will increase this year. Crude oil for May delivery rose $1.11, or 1.3 percent, to $84.87 a barrel on the New York Mercantile Exchange, the highest settlement price since Oct. 9, 2008. Prices have gained 75 percent in the past year.