Saudi Arabian shares rose to a six- week high, led by mobile-phone and petrochemicals companies, after U.S. and European markets rallied in the week and oil prices surpassed $80.
Etihad Etisalat Co., the mobile-phone company known as Mobily, and Saudi Basic Industries Corp., the world’s largest petrochemicals maker, paced the advance. The 143-company Tadawul All Share Index gained 0.6 percent to 6335.57, the highest since June 26, at the 3:30 p.m. close in Riyadh.
“The rise is related to petrochemical valuations looking good, as well as some positive news now given that oil prices are above $80 and a bit in the telecom sector,” said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh. “But the uptick is not significant given that the news from the U.S. is not that auspicious.”
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