JEDDAH – Saudi Arabian shares rose to the highest level in almost three weeks, led by petrochemicals and telecommunication stocks responding to company announcements.



Etihad Etisalat Co. (Mobily), the second-largest telecommunications operator in Saudi Arabia, jumped to a six-year high, while Saudi Arabian Fertilizer Co. (Safco), owned 43 percent by Saudi Basic Industries Corp., rose to the highest in more than four years.



The stock benchmark Tadawul All Share Index gained 0.73 percent to close at 6,778.09, the highest level since Nov. 18.



Safco, rose 3.3 percent to SR155 after publishing a plan to raise capital by a third. Etihad Etisalat, climbed 2.7 percent to SR77 after announcing the resumption of sales to new subscribers on prepaid SIM cards.



“Safco’s announcement to raise capital to SR3.3 billion ($880 million) and Mobily announcing the resumption of SIM-card sales, which constitute 60 percent of their revenue, definitely has a huge positive effect on trading today,” said Mohammed Al-Omran, financial analyst and president of the Gulf Center for Financial Consultancy in Riyadh. — SG/Agencies