Riyadh: Saudi Arabian shares extended the longest winning streak since September, led by Banque Saudi Fransi and Al Rajhi Bank, as oil gained for a fourth day and profits at European banks hinting at economic recovery.
Al Rajhi Bank, the largest bank in Saudi Arabia by market value, and Banque Saudi Fransi each advanced to the highest level since October.
The Tadawul All Share Index gained for a seventh day, adding 1 per cent to 6,474.66, the highest level since October 27.
"General risk sentiment is better," said Phon Vilayoune, senior manager of credits and emerging markets at Samba Financial Group in Riyadh. "The lack of any bad news from Dubai also helps."
Moody's Investors Service has raised the foreign currency deposit ratings of Samba Financial Group, Banque Saudi Fransi and Saudi British Bank.
