Saudi market declines by one percent

20 July 2010

Profit taking and stuttering oil prices triggered the Saudi Tadawul bourse to weaken by one percent. Oil prices lost 58 US-Cent as of the close of trading in Riaydh on Tuesday, as the price declined below the level of $76 per barrel. The lead index Tasi closed at 6,068.65 points. Shares of market bellwether Sabic, the world's largest petrochemical firm, eased 3.42% to SR84.75. A number of Insurance firms bucked the fickle trend in Riyadh, such as The Company for Cooperative Insurance, also known as Tawuniya, which surged 4.65% to SR89.75. Tawuniya operates 100% on the basis of Islamic Law or Shari'ah and the firm has the only Standard and Poor's 'A'-rating among rated Takaful operators in the region.

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