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Saudi shares rise 1% as SABIC gains

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 11 July 2009
STOCK WATCH: The benchmark TASI rose 1.1 percent to 5,472 points. (Getty Images)
STOCK WATCH: The benchmark TASI rose 1.1 percent to 5,472 points. (Getty Images)

Saudi shares rose 1.1 percent, driven by heavyweight Saudi Basic Industries Corp (SABIC) which says it has won approval for its Chinese joint venture.

The benchmark TASI rose 1.1 percent to 5,472 points.

SABIC rises 4.46 percent after it said Chinese authorities had approved an equally-owned joint-venture plant with Sinopec.

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Dar Al Arkan, Saudi Arabia's biggest real estate developer, falls 2.65 percent after posting a 10 percent fall in second-quarter net profit.

Saudi Fertilizer Co (Safco) gains 3.3 percent after posting a 60-percent drop in second-quarter profit, in line with analysts' forecasts. The firm proposed a first-half dividend of five riyals. (Reuters)

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