2012-02-08 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: As the Saudi Arabian Tadawul bourse loses steam after a surge for many weeks, the market gauge Tasi added 0.10% to reach 6,743.55 points. Sabic ended even at SR95.25. Shares of Kingdom Holding Co., chaired by Saudi Arabia's renowned investor HH Prince Al-Waleed Bin Talal advanced two per cent, after the firm has announced the SR43.8 million expansion of Kingdom Center Company Ltd. (Trade Center), Arab News reported. The Kingdom Center, also called Al Mamlaka is the 302.3m high, iconic tower in the heart of Riyadh, the Saudi capital. According to the report, "the expansion includes 26 commercial stores with a total of 3,580 square meters, in addition to 10 commercial stands occupying 157 square meter and an 874 square meters children recreation area and 27 food stalls totaling 1,420 square meters and a 600 square meter mosque. Shares of United Wire Factories or Aslak jumped 4.93%, closing at SR46.80. Earlier in the day Aslak said its net income for the year ended December 31, 2011 was SR106.9m compared to a net income of SR115.7m for 2010, representing a decline of 7.6%. Aslak blamed "the increase of the raw material prices used in the production process" for the year-on-year profit decrease. Telecom provider Etihad Etisalat Co. or Mobily gained 0.43% after Saudi brokerage Riyad Capital has raised its price target on the stock of Mobily by SR12 to SR74, as the telecoms firm "is set to deliver another year of double-digit revenue growth following strong performance last year on improved post-paid sales," Reuters has reported. Market breadth was weak at the Tadawul bourse Tuesday, as 66 shares gained, and 59 declined.  

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