Saudi shares jump; track US, oil

CRUDE WATCH: US crude oil futures prices climbed to a 2009 high on Friday of $74.72 a barrel. (Getty Images)

Petrochemicals led Saudi shares to a higher close, led by heavyweight Saudi Basic Industries Corp (SABIC) as they track Friday's rally on Wall Street and after oil prices surge to their highest level this year.

The all-share TASI index closed 2.29 percent higher at 5,751 points, the strongest one-day gain since July 25.

Shares in SABIC ended 7.1 percent higher at 71.5 riyals ($19.07) after leading trade and accounting for almost a quarter of the day's turnover.

The petrochemicals index made the day's strongest gains among sector indices, after U.S. crude oil futures prices climbed to a 2009 high on Friday of $74.72 a barrel.

US stocks ended the week at 2009 highs on Friday after a surprising rise in home sales and optimistic comments from Federal Reserve chief Ben Bernanke reassured investors of the prospects for an economic recovery. (Reuters)

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