Saudi stocks rose to the highest level in five weeks as investors restore confidence in the Arab world’s largest economy after King Abdullah ordered the creation of a ministry for housing.
Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemical maker, added as much as 2.5 percent, and Al Rajhi Bank (RJHI), the kingdom’s largest lender, advanced 1.3 percent. The 146-member Tadawul All Share Index (SASEIDX) rose 1.5 percent, the highest level since Feb. 19, to 6456.66 at 12:33 p.m. in Riyadh.
“Day after day, Saudi Arabia has been proving immune from the surrounding turmoil,” said Amro Halwani, a senior trader at Shuaa Capital PSC (SHUAA) in Riyadh. “With the ongoing, fast-paced initiatives the government is undergoing, investors are feeling more confident to place bets on the table.”
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