Saudi Arabian shares snapped a four- day losing streak after oil prices gained and Dar Al Arkan Real Estate Development Co. (ALARKAN) said holders of its $1 billion Islamic bonds will be repaid July 16.
Dar Al Arkan, which plunged 20 percent last week, advanced the most since March 24. Mobile Telecommunications Co. Saudi Arabia (ZAINKSA), the mobile-phone company known as Zain Saudi, surged 5.2 percent. The benchmark Tadawul All Share Index (SASEIDX) rose 0.6 percent, the most since July 3, to 6,701.09 at the close in Riyadh.
U.S. stocks rose for the week and oil prices advanced 3.1 percent last week to $87.10 a barrel amid investor speculation China, the world’s second-largest economy, may take more measures to stimulate growth. Saudi Arabia is the world’s biggest exporter of crude oil.
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