Saudi Arabian shares jumped the most in five weeks amid high volumes as climbing oil prices boosted confidence in the Arab world’s largest economy.
The Tadawul All Share Index (SASEIDX) rose 1.5 percent, its biggest intraday jump in five weeks, to 7,481.56 at 2:01 p.m. in Riyadh with 413 million shares traded. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, advanced to its strongest level in more than seven months. All 15 industry groups in the Tadawul gained. The 152-member index rallied 1.4 percent last week, capping a 7-week winning streak, the longest since January last year.
U.S. stocks rose yesterday, capping the fourth straight weekly rally for the Standard & Poor’s 500 Index, and oil climbed for a third day, after a government report showing stronger-than-forecast payroll growth bolstered optimism in the world’s largest economy. Crude also advanced as Greece pushed through the biggest sovereign restructuring in history. Saudi Arabia relied on oil exports for 93 percent of revenue in 2011.
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