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Saudi soars on banking, cement stocks

Riyadh, April 27, 2013

Saudi shares rose on Saturday, buoyed by stock in banking, cement, tourism and agriculture companies. The petrochemical index, seen as one of the most important, declines.

The all-share index rose 0.31 per cent to 7,143 points, while banking shares gain 0.08 per cent and petrochemical shares lose 0.29 percent.

Shares in Saudi Basic Industries Corp (Sabic), the world's biggest petrochemical company, lost 0.27 per cent and shares in al-Rajhi Bank, Saudi Arabia's biggest listed lender, stayed flat.

Sabic's Saudi Kayan unit earlier in the day said it had restarted a production unit after maintenance. Oil prices and equities markets in Europe and the United States dipped on Friday after Washington released disappointing economic data.

A jump in cement shares helped Saudi equities rise in early trading on Saturday after US and European stocks, and oil prices, dipped on Friday following a strong week.-Reuters
 




Tags: cement | Saudi | stocks |

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