• Saudi stocks index bounces back to close 0.1% higher


    Saudi stocks index bounces back to close 0.1% higher

    RIYADH: The Saudi index bounced back on Saturday from early losses to close 0.1 percent higher, helped by shares including banks.
    The all-share benchmark closes at 6,457 points, as the banking index edged up 0.04 percent.
    Al Rajhi Bank gained 0.4 percent and Banque Saudi Fransi climbs 0.9 percent
    Petrochemical heavyweight Saudi Basic Industries Corp. (SABIC) ended 0.5 percent lower, and the sector’s index inched down 0.02 percent.
    The Saudi market opened lower on Saturday, dragged down by petrochemical stocks, after a drop in oil prices.
    The all-share index was around 0.9 percent lower at 6,393 points, as the petrochemical index dropped 1.1 percent in early trading.
    Brent crude prices fell two percent on Friday as Europe’s debt problems and a dollar index rebound extended oil’s decline a day after consuming nations announced they were tapping strategic reserves.
    Also on Saturday, Banque Saudi Fransi said it had received regulatory approval to pay a SR0.7 ($0.19) dividend for the first half of 2011.
    “Banque Saudi Fransi announces that it has secured the authorities’ approval on the board of directors’ recommendation to pay 70 halala per share or seven percent of the share’s nominal value as half-yearly dividend for 2011,” said the statement posted on the bourse website.
    The statement did not give a comparative figure for the previous year.

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