Saudi Arabian shares rose for an 11th day, the longest winning streak since August 2005, after global stocks advanced as manufacturing and jobs data in China and the US boosted the outlook for the world's economy. The Tadawul All Share Index rose 1.89 percent to close at 7,336.21, its highest level since October 2008. The 152- member index's rally is the longest since a 14-day surge that ended on Aug. 8, 2005. "The market is rallying as telecom and cement shares are gaining," Turki Fadaak, head of research at Riyadh-based Albilad Investment Co., said. "The index is moving positively, boosted by gains in global markets, although Tadawul has not yet reached levels prior to the 2008 financial crisis." Al Rajhi Bank, Saudi Arabia's largest publicly traded lender by assets, reached its highest intraday price in more than two weeks, rising 1.3 percent to SR80 at 1:02 p.m. Etihad Etisalat Co. known as Mobily, the kingdom's second- largest phone company by market value, gained 2 percent to SR64, its highest price in more than five years. The Saudi market jumped to its highest level since September 2008 and the Dubai market hit its record level in 10 months. The daily value of trading in the two markets was the highest in two years. The Egyptian market soared by 40 percent since the beginning of the year. What is the reason for that? Saudi Cement Co., the Kingdom's second-biggest cement company by market value, gained 3.4 percent to SR92, the highest intraday day level since April 10, 2006. Abdullah A.M. Al-Khodari Sons Co., a contracting company, added 2.8 percent to SR55.25. The Al-Khobar-based company plans to issue one bonus share for every four held to raise its capital to SR531.25 million ($142 million) from SR425 million. The company's board also recommended paying a dividend of SR0.5 a share for the second half. Oil prices settled below $107 a barrel Friday after Saudi Arabia denied an Iranian media report of a Saudi pipeline explosion. A stronger dollar and some profit-taking after the previous day's rally were contributing factors. Benchmark West Texas Intermediate crude, which is used to price much of the oil produced in the US Midwest, fell by $2.14 to finish at $106.70 per barrel on New York Mercantile Exchange. Brent crude, imported by many US refineries that make gasoline, fell by $2.55 to end at $123.65 a barrel in London. Oil prices have risen from $96 last month amid fears that conflict over Iran's nuclear program could trigger a disruption in global crude supplies. Signs of an improving US economy have also bolstered investor optimism and crude prices. Stocks have proven the naysayers wrong so far in 2012. And the February jobs report could be just the ticket to keep the bulls going next week. The five-month stock rally has been built on a string of improving economic data that suggests US corporate profit growth will remain intact, according to some analysts. Job growth is a big part of that picture. It has lagged most other parts of the US economy, a point frequently raised by Republican presidential hopefuls.
