Saudi stocks hit six-month high on US cue

Riyadh: Saudi stocks rose to the highest in almost six months, led by Saudi Basic Industries Corp, after improved consumer confidence figures pushed US stocks higher.
Saudi Basic Industries, the world's biggest chemical maker, also known as Sabic, climbed to the highest since April 18.
The US Standard & Poor's 500 Index increased to its highest since January yesterday after the Reuters/University of Michigan final index of consumer sentiment rose to 65.1, the second straight gain, from 57.3 in March.
"We expect the Saudi stock market to continue its step-wise rise during the coming period," the Riyadh-based Bakheet Investment Group said in its weekly market report on April 29. "We advise investors to trade based on the financial results and expectations of earnings growth."