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Sun 24 Apr 2011 05:13 PM

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Saudi Electric lifts benchmark

PetroRabigh gains 6% after Credit Suisse upgrade to 'outperfrom' from 'neutral'

Saudi Electric lifts benchmark

Saudi Electricity Company and Rabigh Refining and Petrochemical Company (PetroRabigh) lift the index to its third consecutive gain but traders don't see a major upswing in the near future.

Saudi Electric added five percent and hits a three week high.

"The market is comfortable but we don't see a catalyst in the near future," said a Riyadh-based trader on condition of anonymity, adding that the trading range of 100 points, set since March-end, is expected to hold.

"All the news is out, earnings were very good but expected, especially from petrochemicals."

PetroRabigh gains six percent after Credit Suisse upgraded it to "outperform" from "neutral," citing a turnaround in refining margins of the joint venture between Japan's Sumitomo Chemical and Saudi Aramco.

The benchmark rises 0.4 percent to close at 6,614 points.