Saudi Arabian stocks rose on Saturday, following a rally in emerging market stocks, paced by gains in Saudi Basic Industries Corp (Sabic), the world's biggest chemicals maker. The Tadawul All Share Index (TASI) added 1.28 percent to 5,786.05 at the close of trade. Sabic jumped 3.1 percent to SR74.75, its highest finish since November 4, 2008. Al Rajhi Bank, the largest publicly traded lender in Saudi Arabia, rose 1.1 percent to SR68.25. Saudi Electricity Co. jumped by the most this year, rising 4.2 percent to SR9.95. Arab National Bank, Saudi Arabia's sixth-largest publicly traded lender, climbed 1.6 percent to SR43.7. Saudi Arabia's benchmark share index has risen 40 percent since hitting a year's low on March 9 as oil prices rebounded on signs that the global recession may be easing. Developing-nation stocks climbed, sending the MSCI Emerging Markets Index to its biggest weekly gain since July, on signs the economies of Brazil, Russia, India and China are emerging from the global recession faster than investors had predicted. The MSCI index gained 4.8 percent last week. The Saudi economy is set to contract 0.9 percent this year after expanding 4.6 percent in 2008, according to the International Monetary Fund. The government is spending $400 billion over the next five years to build infrastructure, create jobs and stimulate growth. Tadawul index shrugged off fresh data that shows none-oil exports including mainstay petrochemicals falling in June. Saudi shares scored gains, propelled by the petrochemical sector particularly the Saudi Arabian Basic Industries Corp (SABIC), which climbed 5.5 percent this week following news that China was reducing protection fees for some petrochemical products. The TASI of the Arab world's largest stock exchange gained 1.7 percent this week, closing at 5,712.95 points. TASI is currently 18.9 percent higher than it was at the year's start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG). The report expected the Saudi market to witness ‘relative stability' in the coming couple of weeks as investors await third quarter results. Kuwait's KSE all-share price index shed 0.8 percent this week, closing at 7,723 points. Dubai and Abu Dhabi climbed 6.2 percent and 6 percent to close respectively at 2,040 points and 3,061 points.
