Sabic shares surge 4.44% in Riyadh

06 July 2010

Saudi Arabia's stock market posted the largest advance among GCC markets on Wednesday. With all Saudi sector indices finishing in the green, but mostly boosted by energy and oil related firms, the Tadawul bourse closed 1.58% higher at 6,125.73 points. Market heavyweight Sabic, the world's largest petrochemical firm, added 4.44%, ending at a four-week high at SR88.25. Saudi Hollandi Bank shares (off 0.31% at SR31.90) fell against the trend. But Credit Suisse analyst Mohamed Hawa expects that the oldest KSA institute (founded in 1926) has earned 8.8% more during the second quarter 2010, as Hawa expects that earnings of most Saudi banks have declined.

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