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Saudi drops on big petchem loss

Riyadh, April 7, 2012

Saudi shares closed lower on Saturday on petrochemical losses despite rising oil prices. Brent crude futures closed at $123.43 a barrel on Thursday before holidays began in major markets.

The all-share closed 0.4 per cent lower at 7862.5 points and the petrochemical index closed 1.2 per cent down at 7353.03 points.

Petrochemical giant Saudi Basic Industries Corp (Sabic) slipped 0.9 per cent. Meanwhile, the banking index added 0.5 per cent to 17,890.4 points. Bank Albilad ends 9.9 per cent higher and Alinma Bank added 3.2 per cent.

Almarai shares close down 4.5 percent after it said its first quarter net profit rose by 2.9 percent compared with the same period last year.

Earlier in the day, the stocks edge down with agriculture and food shares slipping after Almarai Trading Company announced only a slight increase in first quarter net profit.

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.-Reuters




Tags: Saudi | stocks | Almarai | petchem | loss | plunge |

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