Saudi Arabian shares, led by petrochemicals, rose the most in almost a month after U.S. and European stocks rallied and oil prices surged to a 25-month high on a weaker dollar.
Saudi Basic Industries Corp., the world’s largest petrochemical maker, and National Industrialization Co., the petrochemical producer known as Tasnee, paced the advance. The 146-company Tadawul All Share Index rose 1.2 percent, the most since Nov. 6, to 6,421.86, at the 3:30 p.m. close in Riyadh.
“It is not surprising to see a strong opening in the Saudi market especially in the petrochemical sector, given the strong performance of the international markets in equities and oil reaching close to the $90” level, said Fuad Aghabi, investment director at Ajeej Capital in Riyadh.
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