Saudi Arabia's shares rose as investors targeted insurance stocks and petrochemicals also gained. The main Tadawul All Share Index rose 0.37 percent to 6,155.18 points, trimming 2011 losses to 7.1 percent. Al Ahli Takaful jumped 9.9 percent, SAAB Takaful soared 5.1 percent and Allianz Saudi Fransi Insurance rose 4.5 percent. Investors were ignoring earnings fundamentals of large caps to instead trade speculative names such as insurance stocks. The sector's index was at its highest level since April 20. “There is total neglect at this stage from the large investors on bluechips, they are (mostly) watching,” said Mohammad Omran, member of Saudi economic association. “For the time being, the index is moving in a lower range, whereby small companies are seeing higher activity.” Saudi Petrochemical Kayan rose 1.4 percent.
