Saudi Arabian shares advanced the most in seven months Saturday as rising oil prices lifted petrochemicals companies and offset weaker-than-estimated US housing data. The stock benchmark Tadawul All Share Index climbed 1.79 percent, the steepest increase since Aug. 13, to 7,675.61 points. Ten shares rose for every stock that fell. The 152-member index has gained 20 percent this year. Banque Saudi Fransi surged the most in a year. Saudi Basic Industries Corp. (Sabic) gained for a second day. "Investors are optimistic about petrochemical exports with oil prices rising," said Turki Fadaak, head of research at Riyadh-based Albilad Investment Co. World oil prices spiked higher Friday as traders seized reports that Iranian crude exports were expected to fall significantly this month. New York's main contract, West Texas Intermediate crude for May, soared as high as $108.25 a barrel – the highest since March 2 – before pulling back to $106.87, up $1.52 from Thursday's closing level. Brent North Sea crude for delivery in May jumped as high as $127.06 per barrel in late afternoon London deals. It later finished at $125.13, up $1.99. A Chinese manufacturing index dropped this month while euro-area services and manufacturing output shrank more than forecast. In the US, new home sales fell for a second month in February and purchases of previously owned houses missed economists' expectations. Banque Saudi soared 5.7 percent, the biggest advance since March 26, 2011, to SR46.50. Sabic gained 0.9 percent to SR107, the highest price since July 25. Etihad Atheeb Telecom Co. rose 10 percent, or the maximum fluctuation allowed in a trading session, to SR13.60 as the Saudi phone company resumed trading after a 10
