Sabic, Sipchem Lead Saudi Index Higher

<b><font size="4">on Cooperation Agreement </b></font>

09/05/2009 00:00 AST

Saudi stocks rose for a fourth day, led by Saudi Basic Industries Corp. and Saudi International Petrochemical Co., after the companies signed an agreement to cooperate on new petrochemical projects.

Saudi Basic, the world’s largest chemical maker by market value, known as Sabic, and Saudi International, or Sipchem, rose to their highest this year after they agreed to work together on projects in Jubail Industrial City on the Persian Gulf coast. Sabic will process chemicals and provide Sipchem with ethylene olefin, while Sipchem will provide Sabic with carbon monoxide.

Saudi Arabia’s Tadawul All Share Index added 3 percent to 5,972.84 at 12:18 p.m. local time, the highest since Nov. 5.

Saudi Arabia, the world’s largest oil exporter, is boosting investments in projects as the government seeks to expand petrochemical and power production. Sabic, 70 percent owned by the Saudi government, and Sipchem will receive feedstock for their projects from the Ministry of Petroleum and Mineral Resources.

Sabic rose 5.4 percent to 63 riyals, the highest since Nov. 10, and Sipchem gained 9.3 percent, the highest since Nov. 8. Sabic is working on new petrochemical projects costing 12 billion riyals ($3.2 billion) in Saudi Arabia, which will add 623,000 tons of new capacity. Sipchem is implementing 3 billion riyals in projects in the kingdom.


Bloomberg

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941

Stock Market Info

TASI 7,871.67 71.90 (0.92%)

Valuation

Market
P/E
Price/BookValue
Dividend Yield (%)

Momentum

Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Index Chart

Top Related Companies

Ticker Price Change
SABIC 114.77 0.02 (0.01%)
STC 83.41 2.09 (2.57%)
NCB 64.98 0.35 (0.54%)
RJHI 76.03 0.78 (1.03%)
SECO 20.62 0.12 (0.58%)

Recent News

Foreign investors pile into Saudi Arabia in March amid kingdom's FTSE upgrade

05/04/2018

Foreign investors bought $1.18 billion in Middle East and North African equities in March, especially Saudi ones amid the kingdom’s upgrade to emerging market status by FTSE Russell, according to a r

The National

Muscat bourse gains lifted by activity in financial shares

05/04/2018

Buying activity in financials lifted the MSM30 Index to 4,794.61 points, up 0.41 per cent. The MSM Sharia Index closed at 676.52 points, down 0.08 per cent. Gulf Investment Services was the most acti

Times of Oman

Dubai bourse takes a hit in traded value

05/04/2018

Traded value on the Dubai Financial Market tumbled on Wednesday as global stocks declined amid an intensifying US-China trade war. In Abu Dhabi, banking shares surged ahead of first quarter results s

Gulf News

Financial blue chips drive Muscat bourse recovery

04/04/2018

Driven by financial blue chips, the MSM30 Index continued its recovery to close at 4,775.27 points, a gain of 0.53 per cent. The MSM Sharia Index ended at 677.06 points, down 0.07 per cent. HSBC Bank

Times of Oman

Emaar Properties stock hits new one-year low

04/04/2018

Emaar Properties shares extended losses for another session on Tuesday, to hit their lowest level in a year, as selling continued on the wider Dubai gauge. Emaar Properties fell to a low of Dh5.58, b

Gulf News

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap