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.

Related:
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
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...

Dubai real estate bonds would find buyers amid recovery

Dubai real estate bonds would find buyers amid recovery

Bonds could be issued to fund growing pipeline of new projects...

2
Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams