Saudi Arabia (SABIC)’s shares slumped the most in almost eight months on investor concern that oil prices may retreat amid signs the global economic recovery is slowing and after first-quarter company earnings missed estimates.
Saudi Kayan Petrochemical Co. (KAYAN), the company 35 percent-owned by Saudi Basic Industries Corp., lost 6.5 percent after its first-quarter loss widened. Saudi Arabian Fertilizer Co. (SAFCO), the company known as Safco also part-owned by Saudi Basic, tumbled to the lowest since February after profit missed analysts’ expectations. Saudi Arabia’s Tadawul All Share Index (SASEIDX) fell 2.3 percent, the most since Aug. 20, to 7,348.33, at the 3:30 p.m. close in Riyadh.
KSA draws SR30bn FDI in 2014
The UAE topped the list of Arab League countries receiving foreign direct investment (FDI) last year with $10.1 billion — 23 percent of the total — followed by Saudi Arabia with $8 billion (SR30 bill
Subscription opens for BD150m bonds
Manama: A BD150 million Government Development Bond issue yesterday opened to direct subscription through the primary market, Bahrain Bourse (BHB) announced in a statement.
Bahraini and no
SICO gains hit BD3.5m
Manama: Bahrain-based wholesale bank Securities & Investment Company (SICO) yesterday reported its net profit for the first half of the year was BD3.5 million.