Saudi Arabian shares rose for an 11th day, the longest winning streak since August 2005, after global stocks advanced as manufacturing and jobs data in China and the U.S. boosted the outlook for the world’s economy.
Al Rajhi Bank (RJHI), Saudi Arabia’s largest publicly traded lender by assets, reached its highest intraday price in more than two weeks, rising 1.3 percent to 80 riyals at 1:02 p.m. Etihad Etisalat Co. (EEC) known as Mobily, the kingdom’s second- largest phone company by market value, gained 2 percent to 64 riyals, its highest price in more than five years.
The Tadawul All Share Index (SASEIDX) rose 0.7 percent to 7,318.83 in Riyadh, its highest intraday level since Oct. 6, 2008. The 152- member index’s rally is the longest since a 14-day surge that ended on Aug. 8, 2005.
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