The Tadawul All-Share index (TASI) ended 2.74 percent higher at 6,278.26 points after oil prices closed the week to Friday with a 3.17 percent rise with gains across almost all gains. The only loss was in the Hotel & Tourism sector. The sector closed 0.09 percent down on Saturday. Otherwise, sector gains ranged from 0.47 percent in the Media & Publishing sector to a gain of 4.21 percent in the Insurance sector. Overall market breadth was positive, with 135 advancers and only 4 decliners recording an AD ratio of 33.75, the Financial Transaction House (FTH) said in its daily market commentary.

The petrochemical stocks index gained 4.1 percent led by a 5.1 percent rise in its biggest-listed stock Saudi Basic Industries Corp. (SABIC). SABIC shares closed on Saturday at SR93.

The large increase was supported by a relatively strong liquidity of SR5.15 billion, which saw the market close above the 20-day moving average for the first time since the first week of May. The 5-day moving average is also approaching the 20-day moving average, and a positive divergence will be a very important sign of strength for the Saudi market, the FTH report said.