Saudi Arabian shares rise to six-week high

Riyadh: Saudi Arabian shares rose the most in six weeks after US and European markets rallied on reports reassuring investors that recovery in the world's biggest economy is not waning.

The all-share index ends 1.9 per cent higher at 6,275 points, its highest level since August 10. Saudi Basic Industries Corp, known as Sabic, climbed to the highest since August 10.

"In the wake of a strong end of the week for western markets, especially US data, the Saudi open confirms so far the will to test six-week highs and positioning for a post-Ramadan spike as volumes increase a bit," said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh.

US, European and emerging-market stocks rose this week as better-than-estimated growth in US private employment and manufacturing raised optimism the world's biggest economy will avoid a recession.