Saudi shares close lower despite oil price rise

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Saudi shares closed lower on Saturday on petrochemical losses despite rising oil prices.

Brent crude futures closed at $123.43 a barrel on Thursday before holidays began in major markets.

The all-share closed 0.4 percent lower at 7862.5 points and the petrochemical index closed 1.2 percent down at 7353.03 points.

Petrochemical giant Saudi Basic Industries Corp (SABIC) slipped 0.9 percent.

Meanwhile, the banking index added 0.5 percent to 17,890.4 points. Bank Albilad ended 9.9 percent higher and Alinma Bank added 3.2 percent.

Almarai shares closed down 4.5 percent after it said its first quarter net profit rose by 2.9 percent compared with the same period last year.

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
Why PE's back in vogue in the Middle East

Why PE's back in vogue in the Middle East

Confidence is returning to the Gulf’s private equity market after...

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...

Most Discussed