19/10/2010
Saudi bourse rose on Monday,buoyed by Sabic which climbed after reporting a 46 percent jump in quarterly earnings
SABIC, the world's largest chemical firm by market value, rose 2.3 percent to SR91, reaching its highest value since Oct 10. The company beat analyst estimates with its third-quarter results. "SABIC's third-quarter result will be the major driving force for the Saudi market in the coming days," said Hesham Tuffaha, head of research for Bakheet Investment Group.
The Tadawul All-Share Index (TASI), which slipped last week after banks reported lower-than-expected quarterly earnings, climbed 0.4 percent to 6,285.24.
The sector activity for the day was mixed with 7 gaining sectors against 8 losing sectors. The gaining sectors ranged from 0.13 percent by the Multi-Investment sector to 2.28 percent by the Energy & Utilities sector. On the other hand the losing sectors for the day ranged from 0.04 percent by the Retail sector and the Insurance sector to 2.16 percent by the Building & Construction sector. The overall market breadth for the day was positive with 69 advancers against 55 decliners giving it an AD ratio of 1.25, the Financial Transaction House (FTH) said in its daily market commentary.
