Saudi Arabian shares climb to two-week high

Riyadh: Saudi Arabia's benchmark stock index rose to the highest in two weeks, led by Saudi Arabian Fertiliser Co., as Egypt's President Hosni Mubarak stepped down and the Organisation of Petroleum Exporting Countries (Opec) raised its demand forecast.

Safco, a unit of Saudi Basic Industries Corp., soared to the highest in more than two years. Mobile Tele-communications Co. of Saudi Arabia climbed after Bahrain Telecommunications Co. submitted an offer to acquire a stake in the company also known as Zain Saudi Arabia.

The Tadawul All Share Index gained 0.5 per cent to 6,646.81, the highest intraday level since January 29, in Riyadh. On Friday, Egypt's default risk dropped and the North African country's bonds rallied.

"The de-escalation in Egypt is improving investor sentiment," said Asim Bukhtiar, an equity analyst at Riyad Capital in Riyadh.