Saudi Shares Gain Most in Three Weeks on U.S. Jobless Data - Bloomberg

Saudi Arabian shares rose the most in almost three weeks as investors bet a larger-than-forecast decline in U.S. jobless claims signaled economic growth is gathering speed in the biggest crude-consuming nation.

The Tadawul All Share Index advanced 0.1 percent, the most since Nov. 9, to 6,298.89 at the 3:30 p.m. close in Riyadh. Leading the advance were Banque Saudi Fransi, the fourth-largest publicly traded lender in the kingdom, Etihad Etisalat Co., the second-biggest mobile-phone operator and Samba Financial Group, the No. 2 Saudi bank. Tadawul has gained 9.4 percent from this year’s low in May.

“Upbeat news on improving consumer sentiment and declining initial jobless claims out of the U.S. are lifting the Saudi market,” said Asim Bukhtiar, an equity analyst at Riyad Capital. “Employment numbers beat market expectations and point to encouraging ‘Black Friday’ sales, which should lift retail stocks.”