Saudi Arabia’s benchmark stock index rose to the highest in more than two weeks, leading gains in Gulf markets, after Chinese manufacturing quickened more than expected and as oil rebounded from a one-week low.
Saudi Basic Industries Corp., the world’s biggest petrochemical maker known as Sabic, increased 1.5 percent and Kingdom Holding Co. gained the most since April after its hotels unit completed a $145 million stake sale. The Tadawul All Share Index advanced 0.9 percent to 6,158.99, the highest since Aug. 17, at the 3:30 p.m. close in Riyadh. The Bloomberg GCC 200 Index climbed 0.8 percent.
“The rise is mostly because of sentiment to do with international markets and positive data out of the U.S. and Asia,” said Amro Halwani, a trader at Shuaa Capital PSC in Riyadh. “Petrochemicals were oversold, and when oil held firm around its current levels, the sector picked up momentum.” Buying before the Muslim Eid holiday also boosted confidence among retail investors, Halwani said.
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