Shares in Saudi Arabia, the Arab world’s biggest stock market, rose the most in 10 weeks after U.S. equities rallied on optimism that an accord among European leaders on banks will help contain the region’s debt crisis.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker, and Al-Rajhi Bank (RJHI), the kingdom’s biggest bank by market value, advanced the most since April 17. National Industrialization Co. (NIC) gained the most since June 4. The Tadawul All Share Index rose 1.9 percent to 6,709.01 at the 3:30 p.m. close in the capital Riyadh.
“The Saudi market was supported by positive news from the European summit,” Turki Fadaak, the head of research at Albilad Investment Co. in Riyadh, said today. “This led to a strong rise in oil and commodity prices.”
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