Saudi stock market jumps 3.21% driven by Sabic earnings, rising oil prices
2012-04-17 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: The Tadawul All Share Index or Tasi closed at 7,511.72 Tuesday, up 3.12% after the index chart touched the lower end of the Bollinger Bands the day before. Bellwether Sabic, the world's largest petrochem producer, gained 4.34% to hit SR102.25. Earlier in the day, Sabic announced its net income for the first quarter was SR7.27bn compared to the net income of SR7.69bn for the same quarter of last year, representing a decrease of 5%. But quarter-on-quarter Sabic earned 39% more. Sabic said in a statement to the Tadawul exchange: "The increase in net income for the first quarter compared to the preceding quarter is mainly driven by higher pricing for certain products, reduction in general and administrative costs, despite of increase in feedstock costs for certain products." Yanbu Cement lost the most (down 2.70% at SR72). A whopping 140 shares advanced, while six declined and two ended flat. Oil prices rebounded above $104 (U. S. crude) Tuesday, which also helped to improve the sentiment after the Tasi hit an 8-month low last Sunday. Trading turnover edged up likewise as 674.4m stock worth SR12.76bn changed hands.  

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