SABIC rose 1.4 percent to SR106.75, its highest close since Sept. 22, 2008. HSBC raised its SABIC price target to SR120 from SR105, giving an overweight rating. The market closed on a positive note with losses only in three sectors, the Financial Transaction House (FTH) said in its daily market commentary.

The Insurance, Media & Publishing and Cement sectors were down 0.18 percent, 0.68 percent and 0.74 percent respectively.

Sector gains on the other hand ranged from 0.02 percent in the Real Estate Development to 2.16 percent in the Retail sector. Overall market breadth was also positive, with 68 advancers beating out 51 decliners, with an AD ratio of 1.33, the FTH said.

“With Asian markets doing well and European markets also strong, Saudi Arabia continues to move higher in the absence of negative local news,” said Saleh Al-Onazi, vice president of principal investment at Swicorp in Riyadh. World stocks bounced sharply higher, boosted by US data showing an economic recovery is gathering strength.

Emirates NBD (ENBD) rose 1.7 percent as its quarterly profit was nearly double estimates.

Emaar Properties fell 2 percent, with a rally from Thursday’s 221 percent jump in first-quarter profit seemingly short-lived.

Kuwait Finance House fell 3.9 percent to a 12-week low, weighing on Kuwait’s index, which dropped for a fifth session in six.

— With input from agencies