Saudi stock market gains 2.38%

10 July 2010

Driven by positive inputs from U.S. markets and higher oil prices, the Tadawul bourse in Riyadh surged 2.38% and closed at 6,200.26 points. Market and petrochemical bellwether Sabic ended 5.29% higher at SR89.50. Alinma Bank (up 1.38%, closing at SR11.20) announced its interim consolidated financial results for the period ended June 30, 2010. Net income for the second quarter amounted to SR3m, compared to net income of SR68m for the same quarter of previous year with a decrease of 96%, and compared to a net loss of SR75m for the previous quarter. An impressive number of 130 stocks advanced, while seven shares lost value and five ended flat.

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