Saudi Arabia shares, led by the petrochemical, rose the most in four weeks, after U.S. and European stocks rose in the week and oil prices rose to a 25-month high.
Saudi Basic Industries Corp., the world's largest manufacturer of petrochemicals, and National Industrialization Co., the producer of petrochemicals known as Tasnee, rate of progress. The company's 146-stock index Tadawul gained 1.1 percent, the most since Nov. 6 at 6412.1, at 1:11 pm in Riyadh.
"It is not surprising to see an opening in the Saudi market, especially in the petrochemical sector, given the strong performance of international equity markets and oil reaching nearly $ 90," said Fuad Aghabi, director of investments Ajeej capital Riyadh.
U.S., Europe and emerging markets stocks rose this week amid improved U.S. economic data and efforts by the European Central Bank to halt the crisis in the region of the debt.
500 of Standard & Poor's rose 3 percent in the five days of yesterday, its biggest gain in four weeks. The Dow Jones industrial average rallied 2.6 percent.
The Stoxx Europe 600 index rose 1.6 percent this week. The MSCI Emerging Markets Index, which tracks the shares of the nation's development, advanced 3.8 percent.
Crude oil rose to its highest level in 25 months, with oil for January delivery stood at $ 89.19 a barrel on the New York Mercantile Exchange yesterday. Futures rose 6.5 percent this week and 12 percent this year. Saudi Arabia has one-fifth of the world's proven oil reserves.
Sabic rose to 2.7 percent to 104.5 riyals, the highest since Nov. 7. Tasnee rose to 6.6 percent, the largest amount in more than four months, to 33.9 rials and Saudi Industrial Investment Group gained as much as 3.6 percent to 21.35 riyals, the highest since May 22.
exchange value of Saudi Arabia is the only Gulf Arab stock market open on Saturdays.
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