09/08/2010
SABIC climbs 0.3 percent
Saudi Basic Industries Corp (SABIC) climbs 0.3 percent, but Saudi Electricity Co and Samba Financial Group each drop 0.4 percent.
"There are mixed signals from global markets and a lot of the action is now directed at the second-tier petrochemical names," says a Riyadh-based trader who asked not to be identified.
"Sipchem, which is a favourite pick of ours, and Yansab are among those to announce new capacity. They're seeing big moves and there is still buying appetite."
Saudi International Petrochemical Co (Sipchem) climbs 0.2 percent towards Sunday's 12-week high. It is up 8.3 percent in a month and on Wednesday announced a tie-up with French chemical group Rhodia to set up the first ethyl acetate plant in the region.
Yanbu National Petrochemical Co's (Yansab) is unchanged, holding at Monday's four-week high. (Reuters).
