Strong position of petrochemicals and banks share pushed Saudi shares after week long holidays on accounts of the Islamic Eid Al Fitr, according to Bloomberg data.

Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, and National Industrialization Co. (NIC), known as Tasnee, revived investor confidence making the economy bouncing back to the highest rates since April.

Banque Saudi Fransi (BSFR), the Kingdom’s fourth-largest publicly traded lender by assets registered 4 per cent increase in its shares on the bourses.

The 148-member Tadawul All Share Index (SASEIDX) witnessed biggest gain since March 26, to 6,106.93, reporting an increase of 2.1 per cent. Fuad Aghabi, a director at Ajeej Capital in Riyadh said that the equity market lose points yesterday following weak cues from the US market.

Oil gained 1.5 percent while crude for October delivery settled at $86.45 a barrel on the New York Mercantile Exchange yesterday.

The Standard & Poor’s 500 Index and the Dow Jones Industrial Average weakened 2.5 percent and 2.2 per cent respectively.