JEDDAH: Saudi Arabian shares rose to a seven-month high, following US equity and oil price gains after economic data signaled the recovery in the world's largest economy may strengthen next year and boost fuel demand. The Tadawul All Share Index (TASI) rose 0.99 percent to 6,563.58 points. Saudi's petrochemical index gained 1.44 percent to 6,478.29 points while the all-share rose 0.99 percent to 6,563.58 points. Shares in Petrochemical giant Saudi Basic Industries Corp climbed 1.69 percent. The banking index rose by 0.76 percent, led by gains in Al-Rajhi Bank which added 0.95 percent. Shares in Kingdom Holding rose by 6.41 percent. “Positive performance from the US markets and oil during the weekend has given support to the Saudi market for its highest close since mid-May,” said Fuad Aghabi, investment director at Ajeej Capital in Riyadh. US stocks rose Friday for a third week, sending the Standard & Poor's 500 Index to a two-year high at 1,243.91. Oil for January delivery rose 34 cents Friday on the New York Mercantile Exchange to settle at $88.02 a barrel. Brent crude rose 7 cents to settle at $91.67 a barrel on the ICE Futures exchange. “Investors continue to add in the petrochemical sector in anticipation of solid quarte8rly results based on higher petrochemical prices,” said Aghabi.
