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Saturday, 21 November 2009 09:16 UAE time

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Saudi shares up, Safco down on poor Q3

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 10 October 2009
STOCK WATCH: Telecom, banking and agribusiness stocks led Saudi shares to a higher close. (Getty Images)
STOCK WATCH: Telecom, banking and agribusiness stocks led Saudi shares to a higher close. (Getty Images)

Telecom, banking and agribusiness stocks led Saudi shares to a higher close, although shares in Saudi Fertilizers Co fell after it posted its quarterly results, the first blue-chip company to do so.

The all-share TASI index closed at 6,371 points, up 0.89 percent.

The telecoms index led gaining sectors with a 2.29 percent increase after heavyweight Saudi Telecom added 1.49 percent and Mobily ends 3.7 percent higher.

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The agricultural, food and industries index gained 1.19 percent after dairy firm Almarai posted a 23.7 percent rise in third-quarter profit.

Banking shares index gained 0.92 percent, led mainly by Al Rajhi bank, which closed 1.95 percent higher.

Shares in Safco ended 4.39 percent down after it reported a near-75 percent drop in third-quarter net profits. (Reuters)

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