Petrochemicals and investment stocks led Saudi shares to a higher close after better-than-expected earnings by Citigroup Inc and General Electric Co boosted hopes that the US economy was stabilising.

The all-share index ended 1.66 per cent higher at 5,466.49 points, its highest since October 26.

Market heavyweight Saudi Basic Industries Corp (SABIC) gained 8.92 per cent at 52.50 riyals, its highest close since January 13 as investors geared up for the imminent announcement by the state-controlled firm of its first-quarter earnings.

Kingdom Holding Co, one of Citigroup's largest shareholders, rose to 5.10 riyals, which is still about half its listing price.

Citigroup's shareholder loss for the first quarter narrowed to $966 million, or 18 cents per share, from $5.19 billion, or $1.03, a year earlier. The bank's revenue roughly doubled to $24.79 billion. Analysts on average had expected a loss of 30 cents per share on revenue of $21.73 billion, according to Reuters Estimates.