Saudi stocks advanced, led by the Company for Cooperative Insurance and Yanbu National Petrochemical Co, after US markets rose and crude oil posted its biggest weekly gains in two months.
The Company for Cooperative Insurance, known as Tawuniya, surged the most in more than eight months, while Yanbu, a unit of Saudi Basic Industries Corp, climbed the most since May.
The Tadawul All Share Index gained 0.8 percent to 6,203.85 in Riyadh, its highest close since Dec 7. The index has gained 29 percent this year after losing more than half of its value in 2008 as oil prices dropped.
In its weekly stock market report on Dec 16, Bakheet Investment Group said: “We expect the prevalence of stability during the coming days, barring any negative developments in oil and global financial markets.”
The Standard & Poor’s 500 Index advanced 0.6 percent to 1,102.37 yesterday after Oracle Corp. and Research In Motion Ltd reported better than estimated profit.
Crude oil for January delivery rose 71 cents to $73.36 a barrel on the New York Mercantile Exchange, the highest settlement since Dec 7. Futures climbed 5 percent this week, the most since the week ended Oct 16, and are up 64 percent this year. Saudi Arabia is the world’s largest oil supplier.
Tawuniya surged 10 percent to 71.5 riyals, the most since April 4. Yanbu gained 7 percent to 31.8 riyals, the most since May 9.
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