April 9 (Bloomberg) - Saudi shares increased the most in a week as first quarter earnings improved and rally for crude oil trust increased 30 months high in the petrochemical industry.
The national industrialization of Canada, the company of petrochemical products called Tasnee, 1.2% Advanced and the Al Rajhi Bank, the lender of the Kingdom more traded added 0.7%. 146 - Member Tadawul all shares Index increased by 0.5%, the largest gain since April 2 to 6,608.6 the end of the day in Riyadh. "Traders are focused on the positive elements continued to build positions at the beginning of the results of the first quarter,"said Fuad Aghabi, investment Director at the Ajeej Capital at Riyadh." "This is more supported by gains in international capital and the oil market."Crude rose above $112 in New York for the first time in 30 months and Brent topped $126 in London on the production Libyan concern can not recover when the fighting ends. Crude oil for may delivery increased by 2.5% to $112.79 per barrel on the New York Mercantile Exchange yesterday, the highest close since September 22, future 2008.Oil are up to 4.5 percent this week and 32% more that a year ago. Saudi Arabia holds one fifth of oil of reserves in the world.Al Rajhi advanced 77.25, the highest level since April 4, while Tasnee climbed 34.3 riyals. Saudi Industrial Investment Group increased by 1.9%, the largest gain in a week, to 24.3 riyals. "The numbers more surprising"those who are exposed to petrochemicals want not to miss the train, as the market expects a number more surprising,"said Amro Halwani, a senior trader at the PSC of capital of the Shu'a in Riyadh.Kingdom Holding Co. climbed the most nearly three weeks after the Saudi investment company and Bahrain Telecommunications Co. signed an agreement with Mobile Telecommunications Co. to buy the stake of 25 percent of the Kuwaiti Zain Saudi Arabia company. The shares rose 1.7%, the largest gain since March 20, at 9.25 riyals.Yamamah Saudi Cement Co., manufacturer of third cement Saudi Arabia by market value, the most in two weeks, gained 1.9% increase of riyals 54.75 after that he reported a 9% increase to the benefit of the first quarter to 180 million rials. "Performance of Yamamah cement was quite decent and has also developed a gauge for the sector as a whole, said the Halwani scholarship.Saudi Arabia of the Shu'a is the only Gulf Arab scholarship open on Saturday.-Editors: Christiane Lenzner, Mike Harrison
To contact the reporter on this story: Mourad Haroutunian in Riyadh at the mharoutunian@bloomberg.net
To contact the editor responsible for this story: Shaji Mathew at the shajimathew@bloomberg.net
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