Saudi Arabia’s benchmark stock index gained the most in three weeks after crude oil climbed above $80 a barrel and global markets advanced yesterday amid optimism European leaders will curb the region’s debt crisis.
Saudi Basic Industries Corp., the world’s biggest petrochemicals maker, increased as much as 2.3 percent. Methanol Chemicals Co. soared the most since March after the producer of methanol derivatives posted a profit in the third quarter. Almarai Co. jumped 1.8 percent as it said quarterly profit rose. The 148-company Tadawul All Share Index advanced 1 percent, biggest intraday gain since Sept. 17, to 6,059.95 at 1:09 p.m. in Riyadh.
Oil rose in New York yesterday, capping the biggest weekly gain in seven months, as larger-than-forecast U.S. jobs growth eased concern that the economy is slowing. Crude oil for November delivery surged 4.8 percent last week to $82.98 a barrel. Saudi Arabia, holder of one-fifth of the world’s proven oil reserves, depends on oil for 86 percent of its revenue.
No comments:
Post a Comment