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Sat 11 Jul 2009 07:18 PM

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Saudi shares rise 1% as SABIC gains

SABIC gains on news that it has won approval for its Chinese joint venture.

Saudi shares rise 1% as SABIC gains
STOCK WATCH: The benchmark TASI rose 1.1 percent to 5,472 points. (Getty Images)

Saudi shares rose 1.1 percent, driven by heavyweight Saudi Basic Industries Corp (SABIC) which says it has won approval for its Chinese joint venture.

The benchmark TASI rose 1.1 percent to 5,472 points.

SABIC rises 4.46 percent after it said Chinese authorities had approved an equally-owned joint-venture plant with Sinopec.

Dar Al Arkan, Saudi Arabia's biggest real estate developer, falls 2.65 percent after posting a 10 percent fall in second-quarter net profit.

Saudi Fertilizer Co (Safco) gains 3.3 percent after posting a 60-percent drop in second-quarter profit, in line with analysts' forecasts. The firm proposed a first-half dividend of five riyals. (Reuters)

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