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Saudi down on petchem stocks

Riyadh, March 30, 2013

Saudi shares closed down on Saturday, reversing early gains. The all-share index close down 0.28 per cent to 7157.64 points.

Saudi Basic Industries Corp (Sabic), the world's biggest petrochemical company by market value, was down 0.51 per cent.

The banking index grew 0.12 per cent and the petrochemicals index dropped 0.67 per cent.  

Earlier in the day, stocks opened slightly higher with the all-share index rising 0.05 per cent to hit 7178.75 points.

Al Rajhi Bank, the kingdom's largest listed lender, rose 0.38 per cent, while Sabic was down 0.26 per cent.

The banking index rose 0.13 per cent and the petrochemicals index dropped 0.13 per cent in early trade.

Crude futures rose on Thursday, the last session of the first quarter, in choppy trading with stronger Wall Street equities and a weaker dollar supporting dollar-denominated oil prices.

The S&P 500 set a record closing high on Thursday, finishing a fifth consecutive month of gains to extend a four-year rally.-Reuters




Tags: Saudi | petrochemical | stocks |

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