Saudi Arabian Shares Rise for Third Day on Optimism Over European Debt - Bloomberg

Saudi Arabian shares rose for a third day, led by petrochemical makers and banks, as government officials and central bankers took steps to ease the European debt crisis.

Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical maker, advanced the most since April. National Industrialization Co., the petrochemicals company known as Tasnee, gained the most in two weeks. Al Rajhi Bank (RJHI), the kingdom’s largest lender by market value, climbed the most in a week.

The Tadawul All Share Index (SASEIDX), the largest bourse in the Middle East by market value, advanced 1.7 percent to 6,173.49, the highest level since Aug. 3, in Riyadh. The 148-company gauge has declined 6.8 percent this year.

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