Saudi Arabian shares rose the most in seven weeks after U.S. and European markets rallied on reports reassuring investors that the recovery in the world’s biggest economy is not waning.
The Tadawul All Share Index gauge advanced 1.9 percent to 6,274.71 at the 3:30 p.m. close in Riyadh, the biggest gain since July 10. Saudi Basic Industries Corp., the world’s largest petrochemicals maker, known as Sabic, rallied the most since July 21.
“In the wake of a strong end of the week for western markets, especially U.S. data, the Saudi market confirms so far the will to test seven-week highs and positioning for a post- Ramadan spike as volumes increase a bit,” said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh.
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