Saudi Stocks Advance to Five-Week High on Government Measures
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Saudi stocks rose to the highest level in almost five weeks as investors restore confidence in the Arab world’s largest economy after King Abdullah ordered the creation of a ministry for housing.
Saudi Basic Industries Corp., the world’s biggest petrochemical maker, added 2.5 percent, and Al Rajhi Bank, the kingdom’s largest lender, advanced 1 percent. The 146-member Tadawul All Share Index rose 2.3 percent, the highest level since Feb. 15, to 6506.01 at the 3:30 p.m. close in Riyadh.