Shares in Saudi Arabia (SASEIDX) rose the most in seven weeks after U.S. stocks advanced for a second straight week on the Federal Reserve’s plan to buy mortgage securities and on higher oil prices.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical maker known as Sabic, rose to the highest level since May 23. National Industrialization Co. (NIC), an industrial and manufacturing firm, climbed the most since in July 31. Etihad Etisalat Co., a Saudi telecommunications operator, gained the most in a week.
The Tadawul All Share Index gained 0.9 percent to 7,165.86, the highest level since May 13, in Riyadh at 3:30 p.m. The Arab world’s biggest stock market has increased 12 percent this year.
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