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
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