Saudi Arabian shares rose on the week’s first day of trading, led by Saudi Basic Industries Corp. and lender Al-Rajhi Bank, after stocks in the U.S. and Europe gained for a second week and oil reached a three-week high.
Saudi Basic Industries, the world’s largest chemicals maker by market value, climbed as much as 7 percent. Al-Rajhi led bank stocks higher, gaining as much as 3.1 percent. Saudi Telecom Co., the Arab world’s largest, added up to 3.4 percent.
The Tadawul All Share Index rose as much as 2.5 percent to 5,814.63 in Riyadh, bringing its gain this year to 21 percent. It slumped more than 50 percent in 2008 as the price of oil, the country’s biggest export earner, declined.
U.S. stocks rose this week, completing the Dow Jones Industrial Average’s best two-week rally since 2000, and European stocks gained for a second week. The US and European benchmarks and oil gained more than 11 percent since July 10.
Saudi Basic, also known as Sabic, added as much as 4.5 riyals to 68.5 riyals and traded at 68 riyals at 12:34 p.m. in Riyadh. Al-Rajhi Bank, Saudi Arabia’s largest lender by market value, climbed 2 riyals to trade at 67 riyals. Saudi Telecom added 1.5 riyals to trade at 53.5 riyals.
Basic Chemical Industries Ltd. gained 27 percent to 38.1 riyals as it paid a 25 percent dividend. Yanbu National Petrochemical Co., the Sabic unit that this month started production from a 4 million-ton-a-year petrochemical complex, added 3.9 percent to 29.5 riyals. Rabigh Refining and Petrochemicals Co., a joint venture between state-owned Saudi Aramco and Sumitomo Chemical Co. of Japan, added 4.8 percent to 33 riyals.
Oil increased 7.1 percent this week, the biggest gain since May. Crude oil for September delivery rose 89 cents, or 1.3 percent, to $68.05 a barrel on the New York Mercantile Exchange, the highest settlement since July 1.
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