Saudi Arabian shares rose for a third day after U.S. and European stocks advanced last week and on speculation that Egypt-related declines have left shares at attractive levels.
The Tadawul All Share Index increased 0.3 percent to 6,536.22 at 1:36 p.m. in Riyadh, bringing the three-day gain to 2.8 percent. Al Rajhi Bank, the kingdom’s largest publicly- traded lender by market value, gained for a second day and Etihad Etisalat Co., the second-largest phone company, advanced 1 percent. The 146-member gauge lost 2.8 percent last week.
“Global sentiment is improving as international investors continue to embrace risk on attractive valuations and positive economic data,” said Amro Halwani, a trader at Shuaa Capital PSC in Riyadh. “The correlation between international and regional markets is returning as investors buy back into depressed shares.”
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