We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sat 31 Dec 2011 01:44 PM

Font Size

- Aa +

Saudi stock market closes flat, weighed by petchems

Petrochemical stocks decline following a fall in oil futures while banking stocks rise

Saudi stock market closes flat, weighed by petchems

The Saudi bourse ended largely flat, as petrochemical stocks decline after a fall in oil futures, outweighing gains by banking shares.

The all-share index closed just 0.01 percent down at 6,418 points, while the petrochemical index dropped 0.4 percent and the banking index gains 0.1 percent.

The index of the largest Arab bourse has lost 3.1 percent in 2011.

Oil prices ended 2011 up 13 percent but Brent February crude fell 63 cents to $107.38 a barrel on Friday, having swung from $106.62 to $108.25 in light holiday trade, weighed down by ongoing concerns about Europe's debt crisis and slowing Chinese factories.

Heavyweight Saudi Basic Industries Corp (SABIC) lost 0.8 percent, while SAMBA Financial Group climbed 0.4 percent.

Arabian Business: why we're going behind a paywall

For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.