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Saudi ends flat as petchem losses weigh

Riyadh, October 6, 2012

Saudi shares closed flat on Saturday at 6,888 points as gains in banking stocks were offset by losses in the petrochemical index.

The banking index ended 0.1 per cent higher at 15,153 points and the petrochemical index ended 0.2 per cent at 5,972 points.

Shares in billionaire Prince Alwaleed bin Talal's Kingdom Holding ended 0.7 per cent lower, reversing earlier gains, after it announced that it sold its interest in the Fairmont Hotel and Raffles Suites & Residences in Manila for $58.1 million.

Earlier in the day the shares opened higher led by gains in the petrochemical and banking stocks. Petrochemical Giant Saudi Basic Industries Corp. (SABIC) gains 0.6 percent.

The banking sector also rises, adding 0.5 percent to 15,210 points.-Reuters




Tags: Saudi | Shares | petchem |

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