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.
CBO TO ISSUE RO200MN IN DEVELOPMENT BONDS
The CBO is preparing to launch a RO200mn government development bond (GDBs) issue. H E Hamood al Zadjali, executive president of CBO, said on Thursday that the central bank will announce the bond iss