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Saudi shares end flat on petchem losses

Riyadh, October 20, 2012

Saudi shares closed flat at 6,809 points on Saturday, reversing earlier losses. The petrochemical index slid 0.2 per cent lower to end at 5,781 points dragged lower by heavyweight Saudi Basic Industries Corp (Sabic).

The banking index closed 0.3 per cent lower at 14,974 points.

Earlier on Saturday the kingdom's No. 2 telecom operator Etihad Etisalat (Mobily) reported a 23 per cent jump in third quarter net profits, beating expectations.

The company's shares closed down 0.35 percent.

Earlier in the day, the shares started lower weighed by banking and petrochemical stocks, after oil prices fell on Friday.

World stocks and oil prices had fallen on Friday as investors took a dim view of US corporate earnings, while Europe's debt crisis and ongoing concerns about global growth also weighed on sentiment.-Reuters
 




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