Petchems, banks lead Saudi bourse down

Jul 04, 2009 at 17:34

All-share index closes 2.35 pct down at 5,467 points, with SABIC pacing losses, lowest close since late April.

Petrochemical and banking stocks led the Saudi bourse's benchmark to a lower close on Saturday after rising over the previous three sessions.

The all-share index closed 2.35 percent at 5,467 points, its lowest close since April 27.

Largest-listed Saudi Basic Industries Corp (SABIC) ended 6.4 percent lower at 58.5 riyals ($15.60), its lowest in two months.

Alinma Bank led trade before closing 1.1 percent down at 13.05 riyals. The lender announced earlier in the day the launch of its banking services.

Shares in Qassim Cement Co closes up by nearly the 10 percent limit at 128 riyals, their highest since Sept. 3, 2008.

The company plans to offer shareholders one bonus share for each existing one in a bonus capital hike.