Saudi Arabia’s shares rose to the highest in more than a month, helping lead an advance in Gulf markets, as global equities rallied and earnings in Europe boosted investor confidence. Oil gained to a three-month high.
Saudi Basic Industries Corp., the world’s biggest petrochemical maker, closed at the highest in almost three weeks. Saudi Arabian Mining Co., the state-controlled metals producer known as Ma’aden, climbed for a fifth day. The Tadawul All Share Index advanced 0.3 percent to 6,332.45 at the 3:30 p.m. close in Riyadh. Qatar’s QE Index gained 0.4 percent and the Bloomberg GCC 200 Index rose 0.3 percent.
“Bullish bias from international markets triggered additional buying flows,” said Amro Halwani, a trader at Shuaa Capital PSC in Saudi Arabia. “Flows on Sabic and petrochemicals are building up as oil ticks higher.”"
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