Riyadh: Saudi Arabian shares rose, led by mobile-phone and petrochemicals companies, after US and European shares rallied in the week and oil prices surpassed $80.
Etihad Etisalat, the mobile-phone company known as Mobily, and Saudi Basic Industries Corp (Sabic), the world's largest petrochemicals maker, paced the advance.
The 143-company Tadawul All Share Index gained 0.4 per cent to 6,324.76, the highest since August 3.
"The rise is related to petrochemical valuations looking good, as well as some positive news now given that oil prices are above $80 and a bit in the telecom sector," said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh. "But the uptick is not significant given that the news from the US is not that auspicious."
Mobily rose as much as 3.3 per cent, the most since July 21, to 54.5 riyals. Sabic advanced 0.9 per cent to 89 riyals. Al Rajhi Bank rose 0.6 per cent to 79.5 riyals.
