Saudi Arabian shares extended gains for a ninth day after a local bank signed a deal to accelerate home loans and the U.S. jobless rate slid to the lowest level in three years, boosting the outlook for the global economy.
Bank Albilad (ALBI), the kingdom’s second-smallest bank by market value, jumped the most in more than eight months. Al Rajhi Bank (RJHI), the largest publicly traded lender by assets, gained for a third day. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, reached its highest close in more than three weeks.
The Tadawul All Share Index (SASEIDX) rallied 1.1 percent to 6,733.68 at the 3:30 p.m. close in Riyadh, trimming earlier gains of as much as 1.7 percent. The gauge rose for a ninth day, the longest winning stretch since the nine days that ended Feb. 22, 2010. The 150-member measure has extended this year’s climb to 4.9 percent.
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