Saudi Shares Climb to Four-Month High as U.S., Oil Gain; Riyad Bank Rises - Bloomberg

Saudi Arabian shares rose to the highest in four months after global markets rallied on reports indicating the U.S. and German economies are growing.

The Tadawul All Share Index gauge added 0.8 percent to 6,485.68 as of 12:15 p.m. in Riyadh, the highest level since May 19. Saudi Basic Industries Corp., the world’s largest petrochemicals maker, known as Sabic, and Al Rajhi Bank, the kingdom’s largest publicly-traded lender by market value, led the advance. Tadawul has gained 6 percent this month.

“Investor sentiment continues to improve in Saudi Arabia,” said Anas Kassem, an investment analyst at Ajeej Capital in Riyadh. “This can be seen through increased activity in the market over the past couple of weeks ahead of third- quarter earnings, and this was further buoyed by a strong close yesterday of U.S. markets and oil.”