Saudi Arabian Stocks Lead Most Arab Markets Higher as Oil Rises
- Tadawul Index correlation with oil is strongest in 5 years
- Egypt's shares slump as central bank extends pound devaluation
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Equities in Saudi Arabia, OPEC’s biggest oil producer, led most Arab markets higher after global stocks rallied and Brent crude rose above $50 a barrel. Israeli stocks closed the highest in almost a month.
The Tadawul All Share Index climbed 1.2 percent to 7,792.62 at the close in Riyadh, led by a 2.7 percent increase in Saudi Basic Industries Corp., one of the world’s largest petrochemical producers, also known as Sabic. The correlation between the price of oil and Saudi stocks measured on a weekly basis was the strongest in five years. Dubai’s DFM General Index closed 0.3 percent higher and Abu Dhabi’s ADX General Index added 0.6 percent.