Saudi Arabian shares rose to the highest level in more than 3 1/2 years as a positive outlook for earnings and oil prices lifted banks and petrochemical companies. The stock benchmark Tadawul All Share Index climbed 0.67 percent to close at 7,835.15 points. Early in the day, it touched 7,852.85, the highest level since Sept. 13, 2008. The 152-member index has gained 22 percent this year. Samba Financial Group (Samba) increased 1.3 percent to SR56.75, the highest price since April 11. Banque Saudi Fransi rose 0.8 percent to SR49.60. Sabic shares advanced 0.5 percent to SR108, while Yanbu National gained 2 percent to SR52. “In terms of fundamentals, the market looks pretty reasonable,” Jarmo Kotilaine, chief economist at Jeddah-based National Commercial Bank, said. “The earnings outlook is good. Oil prices are high. There are a number of factors that have made equities the flavor of the month.” Global crude oil prices recovered Friday from the prior day's losses. New York's main contract, West Texas Intermediate crude for delivery in May, closed at $103.02 a barrel, up 24 cents from Thursday's market close. In London, Brent North Sea crude for May gained 49 cents to $122.88 a barrel.
