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Tadawul market turns a red day into green

19 July 2010

Saudi Arabia's Tadawul bourse opened weaker but gained momentum and closed 0.23% higher at 6,131.3 points. Petrochemical market leader Sabic ended flat at SR87.75. Sabic reported a Q2 net income of SR5.02bn (up 178% year-on-year but down 7.6% quarter-on-quarter). Credit Suisse issued an analysis on Sabic today, saying that "Sabic remains a pure play on the global economy. While Credit Suisse view remains positive on recovery, one cannot ignore the signs of lower pace of recovery which increase the uncertainty of demand outlook. We thus maintain our preference within the sector for value (Sabic) over growth stocks (Yansab, Kayan, etc). (...) We maintain our outperform rating and 12-month target price of SR120 per share."

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