The Saudi Stock Exchange failed to sustain the positive momentum from the start of the week and closed 0.35% lower on Tuesday at 6,263.61, mainly due to losses in the banking and utilities sector. Shares of petrochemical giant Sabic recovered further, adding 0.27% to close at SR91.25. Mohamad Hawa, a GCC research analyst at Credit Suisse in London, wrote in an analysis from today, that “Sabic’s third quarter results have surpassed retail investors’ expectations and are likely to see a rally over the next few trading sessions.” Earlier in the week, Sabic reported its 3Q 2010 results with a net income of SR5.33bn (up 46% year-on-year and 6% quarter-on-quarter) 21% ahead of Credit Suisse’s estimates and 14% ahead of consensus. “We remain bullish on the stock and maintain our Outperform rating and 12-month target price of SR120 per share”, Hawa concluded.
The Saudi Stock Exchange failed to sustain the positive momentum from the start of the week and closed 0.35% lower on Tuesday at 6,263.61, mainly due to losses in the banking and utilities sector. Shares of petrochemical giant Sabic recovered further, adding 0.27% to close at SR91.25. Mohamad Hawa, a GCC research analyst at Credit Suisse in London, wrote in an analysis from today, that “Sabic’s third quarter results have surpassed retail investors’ expectations and are likely to see a rally over the next few trading sessions.” Earlier in the week, Sabic reported its 3Q 2010 results with a net income of SR5.33bn (up 46% year-on-year and 6% quarter-on-quarter) 21% ahead of Credit Suisse’s estimates and 14% ahead of consensus. “We remain bullish on the stock and maintain our Outperform rating and 12-month target price of SR120 per share”, Hawa concluded.
You might also like...
Partanna and Saudi firm tests carbon negative concrete
25 April 2024
Hassan Allam and Siemens confirm Hafeet Rail award
24 April 2024
UAE builds its downstream and chemical sectors
24 April 2024
Acwa Power eyes selective asset sales
24 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.