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.
UAE stocks: A roller-coaster ride for investors
After a very volatile week the Dubai Financial Market General Index (DFMGI) ended down 168.25 or 4.68 per cent to close at 3,426.7. That’s after dropping as much as 16.8 per cent before finding some
Saudi tops GCC in polymer production
Saudi Arabia has emerged as the biggest producer of polymers in the GCC with a 74 per cent share of the region's total capacity amounting to 17.6 million tonne, said a report.