Saudi Arabian shares extended gains for a third day boosted by the petrochemical sector after crude oil climbed to a six-week high as euro-region leaders sought to persuade investors that plans to control the debt crisis will be sufficient. The stock benchmark Tadawul All Share Index rose 0.51 percent to 6,522.52 at close Saturday, extending its three-day increase to 1.5 percent. Four shares rose for every stock that dropped. "Positive international news on the European debt crisis and the rise of global equities and oil has given confidence to local players to add to the many companies and sectors that have posted solid second-quarter results," said Fuad Aghabi, a director at Ajeej Capital, in Riyadh. Euro-area leaders announced 159 billion euros ($229 billion) in new aid for Greece late on July 21 and eased the terms of loans for cash-strapped nations. Oil climbed to a six-week high Friday. Crude for September delivery rose 0.8 percent, to $99.87 a barrel on the New York Mercantile Exchange, the highest settlement since June 9. Prices, which have gained 9.3 percent this year, increased 2.7 percent this week "The rise in crude is helping the petrochemical sector, which is lifting the overall index," said Asim Bukhtiar, an equity analyst at Riyad Capital. SABIC gained 0.5 percent to SR107.25, the highest price since May 31. National Industrialization, the petrochemicals maker known as Tasnee, rose 2.2 percent to SR42.60. Samba gained 1.2 percent, the largest increase in two weeks, to SR48.90. "Investors are relieved from anxieties connected to global markets," Turki Fadaak, an analyst with AlBilad Investment Co., said in Riyadh. "They are reacting to second-quarter earnings results."
