Tadawul hits 17-month high as oil stays firm

Riyadh :  Saudi Arabian shares soared to a 17-month high, led by Samba Financial Group and Riyad Bank, as crude remained above $80 a barrel and investors bet on gains as companies report first-quarter earnings.

Samba, the kingdom's second-biggest bank, rose for a third day to a 16-month high, while Riyad Bank added the most in two months. Saudi Arabia's Tadawul All Share Index rose 0.5 per cent to 6,705.59 during trade, the highest since October 2008.

"Investors are more focused on the first quarter and those optimistic expectations are reflecting in stock prices," said Murad Ansari, a Riyadh-based equity analyst at EFG Hermes KSA. "Plus, oil prices remain stable."

Samba added 2.4 per cent to 63.5 riyals, the highest since November 2008. Riyad added 1.8 per cent, the biggest one-day gain since January 17, to 29.1 riyals.