Saudi Arabian shares, led by banks and petrochemicals, rose to the highest level since August after European leaders struck a deal to enact measures to contain the sovereign-debt crisis following months of negotiations. The stock benchmark Tadawul All Share Index gained 1.43 percent to close at 6,235.64 points Saturday, extending its monthly gain to 1.8 percent. “The Saudi exchange is responding to the movements in global markets over the past two days,” said Asim Bukhtiar, an equity analyst at Riyad Capital. “We are seeing a relief rally on the concrete steps announced over the weekend by Eurozone leaders to contain the immediate problem of Greece sovereign debt.” “If China does announce support for Europe, we may see continued upward trend,” he added. SABIC soared 2.8 percent to SR97.75, its highest intraday price since Aug. 16. Samba jumped 2.4 percent, its biggest gain since Sept. 17, to SR47.10. Al Rajhi Bank advanced to the highest price in 10 days, gaining 0.4 percent to SR69.25.
