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Tadawul market dips 0.4% ahead of Q3 earnings season

09 October 2010

The Saudi market remained in an 'easy come, easy go'-mode ahead of the Q3 earnings season as the Tadawul All Share Index lost on Sunday the advance it gained last week. The Tasi ended off 0.4%, closing at 6,392.02 points. The country's largest Islamic financial institution Al Rajhi Bank closed 1.29% lower at SR76.50. SABB (The Saudi British Bank) plummeted 2.37% to finish at SR45.40. Credit Suisse's analyst Mohamad Hawa expects for market bellwether and petrochemical giant Sabic (down 0.28% at SR90) a 12% net income decline quarter-on-quarter. "We don't expect a dramatic share reaction to the results even if net income is to decline by 12% qoq to SR 4,414 mn, on our estimates. We are more concerned about volumes sold as it will be the real indicator on the ability of Sabic to continue gaining market share", Hawa says.

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