Saudi shares continued the upswing for the sixth consecutive day with the Tadawul All Share Index closing Saturday 0.63 percent higher at 7,075.86 points on the back of higher oil prices and improving global economic health. Oil prices rose more than $1 per barrel Friday, putting Brent crude on track for a fifth straight weekly gain. Al Rajhi Bank, Saudi Arabia's largest publicly-traded lender by assets, headed for its highest close since last April, climbing 2 percent to 77 riyals. Saudi Basic Industries Corp. gained 1.2 percent, rising for a fifth day, to SR101.75. "The index is getting support from global market closes in the past week," said Turki Fadaak, head of research at Riyadh- based Albilad Investment Co. "Bank and petrochemical shares are gaining in an optimistic atmosphere boosted by speculation the market will open to foreign investors soon." Saudi Capital Market Authority is in discussions with international banks to open the country's stock exchange to foreign investors in early 2012, three bankers familiar with the matter said in October. Investors outside the Gulf currently can't directly invest in Saudi shares. The Kingdom hasn't set a timeline for opening its market to foreigners, stock exchange Chief Executive Officer Abdullah Al-Suweilmy said in December. US stocks rose this week, driving the Standard & Poor's 500 Index to the highest level since 2008, while Emerging-market equities advanced for a second week as oil neared a ten-month high. The MSCI Emerging Markets Index rose 0.8 percent at the close in New York Friday. Oil for April delivery added 1.8 percent to $109.77 a barrel on the New York Mercantile Exchange Friday, the highest settlement since last May.
