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Tadawul bourse dips 1.2% as petrochems lose

16 October 2010

The benchmark index TASI fell 1.2% to close at 6,226.78. Petrochemical giant, Sabic, also a market indicator, lost three percent, closing at SR87. Shares of National Petrochemical Company plummeted 8.20% to finish at SR16.80. Saudi Hollandi Bank dipped 0.20%, ending at SR32. Saudi Hollandi Bank reported for the third quarter a net income of SR85.3m (down 43.3% year-on-year and 66.0% quarter-on-quarter) due to higher provisions. "This was below our estimates and consensus by 64%", Credit Suisse analyst Mohamad Hawa has said. He added: "We remain Neutral on the stock and maintain our 12-month target price of SR34 per share."

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