SABIC shares knock out key resistance level

25 October 2010

Saudi Arabia's Tasi index added 0.47% to finish at 6,329.89. Saudi Basic Industries Corporation (SABIC), the world's largest petrochemical firm, ended at a five-month high at SR95 (up 1.88%). Standard & Poor's Ratings Services today said it has assigned its 'A+' long-term rating to a proposed bond issue by SABIC Capital (not rated), to be unconditionally guaranteed by SABIC, its parent company which is rated investment grade A+/Stable/A-1. Shares of recently listed Abdullah A. M. Al-Khodari Sons Company dipped 3.81% to close at SR45.50. The shares of the Dammam-based contracting services firm were issued at SR48.

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