Saudi market closes higher, SABIC shares rise 3.4%

SAUDI STOCKS: Saudi sees early falls dragged down by SABIC reverse to close higher at end of trading day. (Getty Images)

Saudi shares ended up 0.8 percent after heavyweight Saudi Basic Industries Corp (SABIC) rose 3.4 percent, reversing earlier losses.

The index ended up 0.8 percent at 6,101 points.

Saudi agricultural firm Tabuk Agricultural Development Co (Tadco) rose 3.6 percent after it revealed it had signed an initial agreements with partners to set up a firm to invest in food production abroad.

Tadco trades at 29.00 riyals by 0856 GMT.

Tabuk signed a memorandum of understanding with local partners, a consortium called Jenat and the Arab Authority for Agricultural Investment and Development (AAAID) to set up an agricultural firm to invest abroad, according to a statement posted on the Saudi bourse website on Saturday.

Tadco outperformed the main index which was off 0.7 percent at 6,007 points, dragged down by heavyweight SABIC which fell 0.75 percent. (Reuters)

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