Saudi Arabian shares rallied for the first time in three weeks after the Saudi finance minister said the Arab world’s largest economy is in excellent shape and a government fund bought stocks in the past week.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical maker, and Al Rajhi Bank (RJHI), the kingdom’s biggest lender, jumped more than 3 percent. The Tadawul All Share Index (SASEIDX) climbed as much as 4.9 percent, the steepest intraday gain since May 29, and traded 4.6 percent higher at 5,569.76 at 1:30 p.m. in Riyadh. The 146-member gauge snapped a 13-day losing streak, the longest selloff since a similar period ended July 18, 1996.
The economy is in an “excellent” condition and the state- run Public Pension Agency bought stocks last week, Saudi Finance Minister Ibrahim al-Assaf told Al Arabiya TV. Stocks tumbled across the region last week, sending the BGCC200 Index of Persian Gulf shares to the lowest level since 2009 and the Saudi benchmark slipping the most in two years, on concern the turmoil in Libya will spread through the Middle East.
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