Saudi stocks edge down in early trade
Riyadh, April 7, 2012
Saudi shares edged down in early trade on Saturday despite rising oil prices, with agriculture and food shares slipping after Almarai Trading Company announced only a slight increase in first quarter net profit.
Brent crude futures closed at $123.43 a barrel on Thursday before holidays began in major markets.
Almarai shares were down 3.8 per cent after it said its first quarter net profit rose by 2.9 per cent compared with the same period last year.
The all-share index slipped 0.5 per cent to 7846 points, while the agriculture and food industries index fell 2.19 per cent. Saudi Basic Industries Corp (SABIC) shares were down 0.7 per cent.-Reuters