DUBAI: Petrochemical firms helped the Saudi index close higher for a third consecutive session on expectations that market leader Saudi Basic Industries Corp. (SABIC) would not take further provisions.
SABIC shares plunged 20 percent after the company announced last week a first-quarter loss dramatically worse than analysts’ forecasts, partly due to a SR1.2 billion write off from a US subsidiary.
The Tadawul All-Share Index (TASI) closed higher, climbing 1.1 percent to 5,440 points.
SABIC’s shock loss triggered a region-wide sell-off last week after most benchmarks had surged to three-month highs.
The benchmark in Qatar clocked up 1.7 percent to end at 5,422 points.
The Dubai and Abu Dhabi indexes retreated, with Bahrain and Muscat also suffering minor losses.
The benchmark Dubai index fell 0.9 percent to 1,638 points, its fourth loss in five sessions. Emirates NBD fell 1.8 percent and Emaar Properties lost 1.6 percent. The Abu Dhabi index declined 0.9 percent to 2,543 points.
The Kuwaiti measure climbed 0.9 percent to 7,479 points, snapping a three-session losing streak.
The index in Oman slipped 0.2 percent to 5,252 points.
The Bahrain bourse closed lower for the fourth session in five, edging down 0.1 percent to 1,580 points as trading volumes fell to a two-week low.
