Saudi Arabian shares rose for a sixth day, sending the benchmark index to its highest level in more than three years, after U.S. and emerging market stocks advanced on signs of a global economic recovery and oil rallied.
Al Rajhi Bank (RJHI), Saudi Arabia’s largest publicly-traded lender by assets, advanced to its highest price in almost 10 months, climbing 2 percent to 77 riyals ($20.53). Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, known as Sabic, gained 0.8 percent, rising for a fifth day, to 101.25 riyals.
The Tadawul All Share Index (SASEIDX) rose 0.6 percent to 7,075.86 at the 3:30 p.m. end of trading in Riyadh, its highest close since Sept. 28, 2008. The 151-member index’s six-day rally is the longest since a 10-day surge that ended on Feb. 5. The volume of shares traded was 504 million, the highest since Feb. 1.
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