JEDDAH — The state-owned Public Investment Fund (PIF) announced yesterday that it would provide loans worth SR11.75 billion to four strategic projects including petrochemical plants. The decision was taken at a meeting of the fund’s board of directors.
Saudi Kayan Petrochemical Company will receive a loan of SR4 billion to establish a petrochemical complex in Jubail while the Saudi-European Petrochemical Company will get SR750 million to carry out an expansion project, an official statement said.
National Chevron Philips Company will be given a loan of SR3 billion to finance its petrochemical project in Jubail while Maaden’s phosphate project will receive a loan of SR4 billion, it added.
Meanwhile, the Saudi stock market surged yesterday, led by petrochemical stocks. The Tadawul All-Share Index (TASI) gained 99.14 points to close at 9,838.20. Shares of Rabigh Refining and Petrochemical Co. (Petro Rabigh) jumped by 3.78 percent to SR48, Yanbu National Petrochemical Co. by 2.02 percent to SR50.50 and Sahara Petrochemical Co. by 0.62 percent to SR40.25.
Shares in Saudi Basic Industries Corp. (SABIC) also increased 2.39 percent to SR171 yesterday.
In the banking sector, shares of Banque Saudi Fransi and Arab National Bank declined by 1.65 percent to SR89 and 0.50 percent to SR99, respectively.
Saudi Electricity Co. (SEC) shares fell 5.08 percent to SR14 yesterday. SEC said yesterday it is spending almost SR1.1 billion to boost power transmission within the Kingdom. In the telecom sector, shares of Saudi Telecom Co. (STC) increased slightly to SR73.75 and Etihad Etisalat shares surged 1.49 percent to SR67.75.
Saudi IAIC Cooperative Insurance was the top gainer yesterday as its shares jumped 6.77 percent to SR205. Arabian Shield Cooperative Insurance Co. shares also edged higher by 5.05 percent to SR46.75, Al-Ahlia Insurance Co. by 3.84 percent to SR94.50 and Saudi Indian Company for Cooperative Insurance by 3.81 percent to SR88.50.
Alahli Takaful Company shares dropped 2.67 percent to SR145.75 yesterday.
The stock market turnover was over SR10.72 billion yesterday.
BMG Saudi Index Marches Ahead
The BMG Saudi Index continued to march forward, gaining 5.66 points, to reach a closing level of 529.43 points, up in yesterday’s session, by 1.1 percent. The market turnover, however, went down by 19.5 percent to SR4.5 billion ($1.2 billion), from SR5.6 billion ($1.5 billion) registered in the previous session.
The sectors ended yesterday’s session on a mixed note. The Electricity sector plunged by 5 percent, witnessing the worst performance, whereas the Insurance, Agricultural, and Services sectors declined by 1.9 percent, 1.6 percent, and 1.3 percent, respectively. Conversely, three sectors registered gains, led by the Industrial sector, with 2.2 percent increase. Both the Banking and Telecommunications sectors rose, by 0.8 percent and 0.7 percent, respectively. As for the stocks performance, 17 shares recorded gains, whilst eight shares went down. The best performer was Savola Group, whose share price went up by 5.3 percent to SR44.75 per share. The worst performer was Malath Cooperative Insurance and Reinsurance Company, recording a loss of 5.4 percent and closing at SR113.0 per share.
