Saudi Arabian shares extended gains, approaching their highest level since the start of the financial crisis, and volume surged as better-than-expected U.S. economic data underpinned global growth prospects.
The Tadawul All Share Index (SASEIDX) rose 0.4 percent to 7,600.57, its highest level since Sept. 14, 2008, at the 3:30 p.m. close in Riyadh. Some 759 million shares traded, compared with a six- month daily average of 312 million. The 152-member index rallied 2.6 percent last week, an eighth consecutive gain the longest streak since April 2005. The gauge is up 18.6 percent this year.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, reached the highest since July. Dar Al Arkan Real Estate Development Co. (ALARKAN), the kingdom’s second-biggest developer by market value, soared the most in more than six weeks.
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