Saudi shares close higher on telco sector rise

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Saudi shares closed narrowly higher on Saturday, with gains for Saudi telecom firm Mobily after impressive profit results, but losses in the key petrochemical and banking sectors after lacklustre fourth-quarter earnings.

The all-share ended 0.2 percent higher, closing at 7,050 points and the telecommunication index closed 1.5 percent higher to 2,236 points.

Shares in Etihad Etisalat (Mobily) added 1.4 percent after announcing better-than-expected fourth-quarter net profits of SR1.88bn.

The petrochemical index dropped 0.4 percent to 60,049 points, weighed by petrochemical giant Saudi Basic Industries Corporation (SABIC), which slid 0.5 percent after announcing lower-than-expected net profits.

The banking index also closed lower, dropping 0.03 percent.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Blood on the bourse floor

Blood on the bourse floor

Arabtec’s share price collapse was the catalyst for a huge sell...

Risky business

Risky business

Libya’s stock market is one of the smallest in the Arab world...

Little-known investor poised to score big with Twitter IPO

Little-known investor poised to score big with Twitter IPO

New Yorker Suhail Rizvi has quietly amassed a $1bn 15% stake...

Most Popular
Most Discussed
  • 20
    Why Dubai should consider removing the rent cap

    Not even one comment supporting the author. I wonder if he is trying to create a bubble. more

    Monday, 24 November 2014 2:25 PM - Anil
  • 14
    Life sentence for London hammer attacker

    The death sentence is a free pass. The purpose of punishment has always been to provide a lesson for misbehaving. No one learns a lesson by dying. Life... more

    Friday, 21 November 2014 2:02 PM - LordLands
  • 5
    Is this the end of F1?

    Compare this to WEC and you see a stark difference. The 'formula' for WEC is much more wider and more accomodating. They have been runnning hybrids for... more

    Monday, 24 November 2014 2:30 PM - Vincent