Saudi shares drop on petchem stocks
Riyadh, April 13, 2013
Saudi shares closed down on Saturday. The all-share index drops 0.2 per cent to 7223.02 points.
Al Rajhi Bank, the kingdom's largest listed lender, was down 0.37 per cent.
Saudi Basic Industries Corp (Sabic), the world's biggest petrochemical company by market value, is down 0.76 per cent. Savola Group is up 3.46 per cent.
Savola said on Saturday it posted a 21.8 percent year-on-year rise in its first-quarter net profit to SR295.2 million ($78.72 million), exceeding analysts' expectations.
The banking index was down 0.26 per cent and the petrochemicals index fell 0.73 per cent.
Earlier in the day, the stocks dropped as the all-share index fell 0.16 per cent to 7226.89 points.
Al Rajhi Bank, the kingdom's largest listed lender is stable. Saudi Basic Industries Corp (Sabic), the world's biggest petrochemical company by market value, is down 0.51 per cent.
The banking index is down 0.22 per cent and the petrochemicals index drops 0.44 per cent.
Brent crude oil fell to a nine-month low near $101 a barrel on Friday as a broad investor sell-off in commodities triggered a fall as much as $3 a barrel, but the global oil benchmark pared losses in afternoon New York trade as bargain hunters emerged.-Reuters