Saudi stocks track rising oil prices

Saudi Arabian shares closed higher on Sunday, tracking a rise in oil prices and as the kingdom lifted all Covid-19 restrictions, while Egyptian stocks tumbled amid selling by foreign investors.

Oil surged on Friday, ending the week at multi-year highs as the conflict in Ukraine intensified and oil buyers shunned barrels from Russia, the world's second-largest exporter of crude.

Brent (.LCOc1) futures rose 6.9 per cent on Friday to settle at $118.11 a barrel.

Saudi Arabia's benchmark index (.TASI) ended up 0.4 per cent, buoyed by petrochemical and energy stocks.

SABIC Agri-Nutrients (2020.SE) and Sahara International Petrochemical Company (2310.SE) led the gainers, climbing 7 per cent and 6 per cent, respectively.

Oil giant Saudi Aramco (2222.SE) rose for a third consecutive day, closing up 0.7 per cent at a record high of 44.60 riyals.