Saudi Arabia's stock benchmark Tadawul All Share Index advanced to the highest in more than a week as first- quarter profit at companies including Saudi Telecom Co. (STC) beat estimates and after oil rose for the first time in three days Friday. The Index climbed 1.39 percent to close at 7,618.07 points, the highest since April 10. Saudi Basic Industries Corp. (Sabic), the world's biggest petrochemicals company, whose profit last week exceeded analysts' forecasts, increased 2 percent. Saudi Telecom, the Kingdom's largest phone service provider, rose to the highest intraday level in more than a year after quarterly net income surged 60 percent. "Sentiment is strong as first-quarter earnings at most Saudi companies are out and positive," said Turki Fadaak, head of research at Riyadh-based Albilad Investment Co. "Sabic's earnings last week and the raising of the global economic forecast also boosted sentiment." Sabic, the company with the heaviest weighting on Saudi Arabia's index, said April 17 net income for the quarter was SR7.27 billion ($1.94 billion), beating the SR6.64 billion average estimate of seven analysts. The Sabic stock rose to SR104 Saturday, the highest since April 10. Saudi Telecom shares climbed 2.7 percent to SR42.30, the highest in more than a year, after net income surged to SR2.5 billion. European stocks capped the first weekly gain since mid- March as the International Monetary Fund raised its forecasts for global economic growth, US corporate earnings beat estimates and German business confidence improved. The Stoxx Europe 600 (SXXP) climbed 1.7 percent in the five days through Friday. Crude for May delivery Friday rose 0.8 percent to $103.05 a barrel on the New York Mercantile Exchange oil for 93 percent of its revenue in 2011.
