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Saudi shares rebound from early losses to close 0.8% higher
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Sun May 24, 2009 9:42 am
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SAUDI ARABIA. The Saudi markets rebounded on Saturday as Saudi Basic Industries (SABIC), the world’s biggest chemical maker by market value, climbed to the highest close in six months.

SABIC gained 3.4%. National Industrialization Co, which holds interests in industrial and manufacturing firms in the kingdom, gained the most in two weeks.

SABIC climbed to SAR69.25, the highest close since 5 November. National Industrialization advanced 6.1% to SAR20.85.

Real estate and construction shares also lifted the market. Jazan Development posted the largest gain, advancing 9.66%. Emaar The Economic City rose 2.36%. 

The Tadawul All Share Index rose 0.8% to close at 6,100.85 points bringing the advance for the quarter to 30%. Earlier today the measure lost as much as 1.3%.

Most sectors advanced with the leading petrochemicals sector gaining 3.13%, banks were down 0.24%, retail UP 0.86%, real estate development UP 1.05% and telecoms down 0.53%.

Oil advanced to US$61.67 a barrel yesterday on the New York Mercantile Exchange after the dollar dipped against major currencies on speculation the US may lose its AAA credit rating.

The Tadawul All Shares Index 52-week low was recorded at 4,068 points on 3 March 2009. Other Gulf markets are closed on Saturdays.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: February 9, 2010
UAE. Location and quality are driving apartment prices; while average prices decreased, select communities, including Palm Jumeirah and Downtown Burj Dubai, experienced slight increases according to Landmark Advisory's latest quarterly report.
date:Posted: February 8, 2010
INTERNATIONAL. Trying to achieve financial goals by pouring all of one's assets into emerging markets today, telecommunications tomorrow, and Japanese small-cap stocks next week is not a guarantee for achieving a sound financial plan.
date:Posted: February 8, 2010
INTERNATIONAL. The latest survey shows 46% of respondents expect their business travel to increase, marking a rise by 22 points compared with figures of the same period in 2009.
UAE. Location and quality are driving apartment prices; while average prices decreased, select communities, including Palm Jumeirah and Downtown Burj Dubai, experienced slight increases according to Landmark Advisory's latest quarterly report.