Saudi Stocks Climb on Economy, Snap Longest Selloff Since 1996
This article is for subscribers only.
Saudi stocks rose for the first time in three weeks, rallying the most in more than two years, after the finance minister said the Arab world’s largest economy is benefitting from higher oil prices and in “excellent” shape.
Saudi Basic Industries Corp., the world’s biggest petrochemical maker, surged 9.1 percent, and Al Rajhi Bank, the kingdom’s biggest lender, jumped 7.6 percent. The Tadawul All Share Index, climbed 7.3 percent, the steepest gain since November 2008, to 5,709.91 at the 3:30 p.m. close in Riyadh. The gauge snapped a 13-day losing streak, the longest selloff since a similar period ended July 18, 1996.