Saudi Arabian shares advanced the most in more than a week after oil prices rose for a third day, topping $86 a barrel.
Saudi Basic Industries Corp., the world’s largest petrochemical maker, and Saudi International Petrochemical Co., or Sipchem, helped lift the Saudi Tadawul All Share Index 0.7 percent higher to 6916.79, extending last week’s 0.7 percent advance. Red Sea Housing Services Co. gained the most in more than three months on a new $131 million contract.
Stocks have rallied 13 percent so far this year as the global economic recovery spurred demand for commodities, boosting earnings prospects for companies. Saudi Basic posted a first-quarter profit last month from a loss a year earlier on renewed demand for its products.
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