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
More Finance & Capital Market Stories
- ADS Securities inks deal with Tunes Group
- EMP expands Iraq card operations
- Dubai ICD planning to boost $2bn loan
- CEO-elect of fraud-hit Rakbank quits
- Saudi foreign assets hit record $668.2bn
- Major trade success for BBK Brokerage
- NBAD raises convertible bond issue to $465m
- Mashreq to enhance mobile banking app
- NBK Capital exits Turkey hospital chain
- Abu Dhabi holding firm Senaat plans share sale