Nov. 7 (Bloomberg) -- Saudi Arabian shares rose for the fourth session in five, led by Saudi Basic Industries Corp., the world’s biggest petrochemicals maker, known as Sabic.

The Tadawul All Share Index rose 0.1 percent to close at 6,350.89, its highest since Nov. 2. The index has gained 32 percent this year after losing more than half its value in 2008 as oil prices dropped.

Sabic rose 1.2 percent to 82.25 riyals and its Yanbu National Petrochemical Co. unit gained 3.5 percent to 32.2 riyals.

“After the declines witnessed by the Saudi stock market for the last two weeks, we expect that the market will be observing a gradual improvement as a result of the increase in oil prices and its positive effect on the country’s budget,” Bakheet Investment Group said in its weekly stock market report on Nov. 4.

Crude oil for December delivery slipped $2.19 to $77.43 a barrel on the New York Mercantile Exchange Nov. 6, the lowest since Oct. 30. Oil is up 74 percent this year.

Al-Rajhi Bank, Saudi Arabia’s largest by market value, added 0.3 percent to 75 riyals. Rabigh Refining and Petrochemicals Co., a joint venture between state-owned Saudi Aramco and Sumitomo Chemical Co. of Japan, rose 2.4 percent to 38 riyals.

The Saudi bourse is the only Arab exchange monitored by Bloomberg that is open on Saturdays.

To contact the reporter on this story: Fiona MacDonald in Kuwait fmacDonald4@bloomberg.net.

Last Updated: November 7, 2009 10:32 EST