JEDDAH – Saudi Arabia’s benchmark stock index gained the most in two months, led by chemical producer Saudi Basic Industries Corp. (Sabic) and food retailer Savola Group. (Savola).



Sabic, as the world’s biggest petrochemicals producer is known, climbed to its highest close since April 13, while Savola gained to a more than six-year high.



The Tadawul All Share Index gained 0.4 percent to 7,645.65, the highest since April 9, at the 3:30 p.m. close in Riyadh, according to data compiled by Bloomberg. The bourse is the only one in the Gulf that trades on Saturdays.



Sabic said in a statement to the stock exchange that the Ministry of Oil has signed an agreement with the company to provide the fuel needed for its Hadeed unit’s Jubail Industrial City and King Abdullah Economic City in Rabigh project.



“This is positive news for Sabic,” Mohammed Al-Omran, president of the Gulf Center for Financial Consultancy in Riyadh, said. “This will add to Sabic and Hadeed’s revenue and profitability in the long term.”



Savola rose 2.9 percent to SR53.5 and Sabic increased 0.8 percent to SR95.25.



The price of oil closed above $96 Friday, after the government said the economy added 175,000 last month, a good sign for fuel demand.



US benchmark oil for July delivery gained $1.27, or 1.3 percent, to finish at $96.03 a barrel in New York. Oil ended the week with a gain of 4.4 percent.



The oil market’s initial reaction to the report from the Labor Department was negative. Oil fell as low as $93.72 a barrel earlier Friday. – SG