Saudi closes high on Mobily gains

Riyadh, January 19, 2013

Saudi shares closed narrowly higher on Saturday, with gains for Saudi telecom firm Mobily after impressive profit results, but losses in the key petrochemical and banking sectors after lacklustre fourth-quarter earnings.

The all-share ended 0.2 per cent higher, closing at 7,050 points and the telecommunication index closed 1.5 per cent higher at 2,236 points.

Shares in Etihad Etisalat (Mobily) added 1.4 per cent after announcing better-than-expected fourth-quarter net profits of SR1.88 billion.

The petrochemical index drops 0.4 per cent to 60,049 points, weighed by petrochemical giant Saudi Basic Industries Corporation, which slides 0.5 per cent after announcing lower-than-expected net profits.

The banking index also closed lower, dropping 0.03 per cent.

Earlier in the day, the shares started lower weighed by lacklustre company results in the fourth quarter. Heavyweights Sabic and Al Rajhi Bank both missed analyst forecasts.

The all-share dropped 0.1 per cent in early trading to 7,027 points and the petrochemical index dips 0.5 percent to 6,048 points.-Reuters

Tags: Saudi | Mobily | Shares |