Saudi Arabian stocks rose the most in five days after oil climbed to its highest level in a month following a report that showed US gross domestic product shrank less than estimated, bolstering speculation that the world’s biggest economy is recovering from the recession.
Saudi Basic Industries Corporation, the world’s biggest chemical maker by market value, rose for a second day. Saudi Industrial Investment Group closed at its highest level since June 15. Rabigh Refining and Petrochemicals Co. ended four days of declines.
The Tadawul All Share Index increased 0.1 per cent to 5,786.31, rising for the first time in three days. The measure gained the most since July 27, bringing this year’s rally to 20 per cent.
Crude oil for September delivery jumped $2.51 to $69.45 a barrel on Friday, the highest settlement since June 30. Prices gained 2.1 per cent last week and 56 per cent this year.
The Commerce Department said US GDP fell at an annual pace of 1 per cent during the April-through-June period. The US economy was forecast to shrink 1.5 per cent, according to the median estimate of 78 economists surveyed by Bloomberg News.
Saudi Arabia’s real GDP grew 4.5 per cent in 2008, the Central Bank said. Half of the Kingdom’s gross domestic product comes from the oil and gas industry.
Saudi Basic, known as Sabic, climbed 1.4 per cent to 70.25 riyals. The stock has gained 36 per cent so far this year. Saudi Industrial Investment Group, an investor in petrochemicals projects, added 2.6 per cent to 19.5 riyals.
Rabigh Refining increased 2.2 per cent to 32.9 riyals. Stocks of the joint venture between state-owned Saudi Aramco and Sumitomo Chemical Company of Japan, closed at their highest since July 20.
Saudi Arabia is the only Arab market monitored by Bloomberg that is open on Saturdays.
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