Saudi shares climbed to a closing high best of more than 18 months, led by Saudi Arabian Fertilizers Co which posts better-than-expected first-quarter results. The Tadawul All-Share Index gained 1.4 percent to 6,869 points, its highest close since Sept 28, 2008. Shares in Safco rose 6.4 percent after higher prices helped it make the highest quarterly net profit since the start of the global slowdown. Market heavyweight Saudi Basic Industries Corp, which holds a near 43-percent stake in Safco, gained 3.3 percent. “Safco's quarterly result is a clear indication that the rising oil prices are stimulating earnings growth for (the) petrochemical sector in Saudi Arabia,” said Mohammed Ishaq Ali, who manages a Saudi equity fund at Al-Rajhi Capital. Shares in Almarai fell 0.5 percent after the dairy firm posts in first quarter its lowest quarterly net profit in a year.
