Petchems lift Saudi stock market to two-week high



JEDDAH: ARAB NEWS

Published — Tuesday 4 December 2012

Last update 4 December 2012 3:13 am

| نسخة PDF Print News | A A

The key Saudi stock market index rose 0.36 percent yesterday to a two-week high, gaining for a fourth straight session since last Tuesday’s 10-month low.
Saudi Basic Industries Corp. (SABIC) added 0.3 percent, Saudi Kayan Petrochemical climbed 0.8 percent and Rabigh Refining and Petrochemical advanced 0.6 percent.
The banking index slipped 0.23 percent. Al-Rajhi Bank added 0.4 percent, while Samba Financial Group and Bank AlJazira fell 1.1 and 1.2 percent respectively.
“I don’t expect the market to move much higher from these levels until year-end because of a lack of catalysts,” Tariq Alalaiwat, equity research analyst at NCB Capital, told Reuters.
Sahara Petrochemicals Co. advanced the most in more than a year after the board recommended its first cash dividend. The shares rose 4.4pc, the biggest increase since November 2011, to SR 13.10. The stock was the second-biggest gainer on the Tadawul All Share Index.
Elsewhere, Kuwait’s bourse rallied in late trade, with the index gaining 0.2 percent to close at a seven-week high.
Saturday’s parliamentary elections, seen to be giving a chance to a long-stalled government development plan to be implemented, boosted sentiment
“The overall consensus is very positive,” Fouad Darwish, head of brokerage at Global Investment House, told Reuters.
“The National Portfolio Fund hasn’t begun its activities in full force yet. Many are waiting for it to do so,” which would bring good buying opportunities,” he added.
Markets in the UAE were closed for a public holiday.
Please read a related story on Page 15

What's happening around Saudi Arabia

JEDDAH: The Saudi led-coalition fighting to reinstate Yemen’s exiled government aims first to set it up in Aden and then return it to Sanaa if possible via peace talks with Houthi foes, a coalition spokesman said.But if the Iranian-allied Houthis did...
RIYADH: Nine Omani Umrah pilgrims, on their way back home, were killed and 34 were injured, in a road accident which took place near Khurais, between Riyadh and Al-Ahsa province.According to police, the coach carrying the pilgrims collided with a tra...
JEDDAH: The Kingdom and Namibia have signed a protocol to establish diplomatic relations between them.According to SPA, the protocol was signed on Tuesday by Saudi Arabia’s Permanent Representative at the United Nations Abdullah Al-Mouallimi and his...
JEDDAH: Official reports reveal nationalization levels of medical and health workers in the Kingdom remain low, with Saudi nationals making up only 21.7 percent of physicians, 31.8 percent of nurses, and 67.4 percent of ancillary staff.According to t...
JEDDAH: The Saudi Food and Drugs Authority (SFDA) will begin receiving clearance applications for medicines and medical supplies, including drugs containing narcotic or psychotropic substances, for Haj missions or other government bodies on Saturday....
JEDDAH: Saudi importers of cattle said the Haj season this year will not see an increase in the price of livestock due to the stability of the local market and the available supply.There are also guarantees from exporting countries that required quan...
JEDDAH: At the upcoming elections the national identity card will be the only approved document used for identifying voters of both genders and allowing voters to exercise their electoral right, provided all statutory requirements are met.In a press...
JEDDAH: Education Minister Azzam Al-Dakhil has spoken of a new education policy which emphasizes the importance of harmonizing admission policies in universities with the needs of the labor market.Al-Dakhil made these remarks during a meeting with un...
JEDDAH: Local bottled water consumption during the summer, Umrah and Haj seasons this year will increase by 10 percent.“This translates into an annual growth rate of between 4 percent and 5 percent,” Rashed Bin-Zouma, a water industry expert, was qu...
RIYADH: Four Saudi secondary students including a young woman from the Eastern Province have received prestigious medals at the 47th International Chemistry Olympiad (IChO), which concluded in Azerbaijan last week.The winners of the four bronze medal...
JEDDAH: The UAE’s decision to lift fuel subsidies beginning in August has raised the possibility of other Gulf states following suit.Economists suggest a wide disparity of prices of gasoline in the Gulf countries will lead to more petrol smuggling op...
DAMMAM: The tourism industry in the Kingdom is witnessing great interest by authorities to develop the archaeological areas, promote their support services and create the best environment for tourism products, said businessman Abdul Mohsen Al-Hokair....
JEDDAH: The ongoing World Circus at north Obhur has brought smiles on the faces of orphans, with its show of acrobats featuring 20 performers and clowns.The orphans of Al-Rawdah district charitable organization said they found the circus entertaining...
RIYADH: The Nepalese ambassador to Saudi Arabia, Udayaraj Pandey, thanked the Kingdom on Thursday as he ends his four-year tour of duty in Saudi Arabia.Earlier in the day, he called on Riyadh Gov. Prince Faisal bin Bandar to pay him a courtesy call a...
RIYADH: Movies produced by young and amateur Saudi filmmakers will be shown on Saudi Television starting in the middle of next week.“The films will be shown daily to encourage young Saudi filmmakers,” said Abdulaziz Fahad Al-Eid, senior broadcaster a...

Stay Connected

Facebook