Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, rallied to the highest in almost seven months on bets rising oil prices will support the stock and as Saudi Arabia’s benchmark index surged to the highest since 2008.
The shares advanced 1.3 percent to 100.5 riyals, the highest since Aug. 3, at the 3:30 p.m. close in Riyadh. The stock was the most active by trading value in the Tadawul All Share Index, (SASEIDX) which climbed 0.9 percent to 7,031.26, the highest since September 2008. The stock has advanced 4.4 percent so far this year compared with a 9.6 percent gain in the benchmark.
“Sabic is trading above 100 riyals on the strength in Brent prices,” said Dubai-based Ibrahim Masood, who helps manage about $400 million at Mashreqbank PSC. (MASQ) “The stock has seen significantly higher volumes over the past couple of days as offshore investors tried to play catchup with the Saudi market.”
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