Saudi Shares Advance 2.5 Per Cent, Led by Sabic and Al Rajhi Bank

19/07/2009 00:00 AST

Saudi Arabian shares advanced in the week’s first day of trading, led by Saudi Basic Industries Corp., the world’s largest petrochemical maker, and Al Rajhi Bank. The Tadawul All Share Index rose 2.5 per cent to 5,774.72 in Riyadh.

In early trading Sabic climbed 5.2 per cent to 66.3 riyals. Banque Saudi Fransi, the Saudi lender partly owned by Credit Agricole SA, rose 4 per cent to 41.9 riyals. Al Rajhi Bank, the largest bank in Saudi Arabia by market value, added 3.9 per cent to 66.8 riyals.

Samba Financial Group, the second-largest bank in Saudi Arabia, rose 2.9 per cent to 46.7 riyals.

The lender said on July 14 that second-quarter profit increased 1.6 per cent on lower loan-loss provisions and higher special commission income. Saudi British Bank, the Riyadh-based lender 40 per cent-owned by HSBC Holdings Plc, gained 3.2 per cent to ?45.5 riyals.

Sahara Petchem

Sahara Petrochemical Co. on Saturday said it plans to increase capital by 1.05 billion Saudi riyals through a rights issue to existing shareholders. The company called shareholders in a statement on the Saudi bourse Web site for a meeting on August 22 to approve the board’s rights issue proposal. The price and the number of shares will be determined after the shareholders’ meeting, the statement said.


Agencies

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