The Tadawul All-Share Index climbed 0.8 percent to 8,510 points — a new 63-month high and extending the breakout from the year’s previous peak of 8,425 points.

Petrochemicals and banking sectors were the main support.

Saudi Basic Industries Corp. and Al-Rajhi Bank added 1.4 and 0.7 percent respectively.

“We have fourth-quarter earnings around the corner and we’re seeing some dividend announcements trickling in,” said Asim Bukhtiar, head of research at Riyad Capital.

“Additionally, the US markets responded well to the Fed decision, pushing the local markets in reaction to that,” he said in the report.

According to Reuters, analysts are expecting some weakness from banks’ earnings, with the last quarter of the year typically reserved for booking provisions, but petrochemical firms could see healthy profit growth backed by strong demand from Asia.