Saudi Arabian shares advanced to the highest level in more than 3 1/2 years as a positive outlook for earnings and oil prices lifted banks and petrochemical companies.
The Tadawul All Share Index (SASEIDX) climbed 0.5 percent to 7,822.82 at 1:05 p.m. in Riyadh, and earlier today touched 7,846.58, the highest level since Sept. 13, 2008. The 152-member index has gained 22 percent this year.
Samba Financial Group (BSFR) rose to the highest level in almost a year. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical company known as Sabic, advanced 0.7 percent, while Yanbu National Petrochemical Co., a Sabic unit, jumped 2.5 percent.
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