Saudi Shares Fall as Petrochemical Maker Sabic Declines
Saudi Arabia’s benchmark stock index slid for the first time in four days, led by petrochemicals and banks, ahead of a week-long Islamic holiday.
The Tadawul All Share Index (SASEIDX) lost less than 0.1 percent to 6,809.30 at the 3:30 p.m. close in Riyadh. Saudi Basic Industries Corp. (SABIC), or Sabic, the world’s largest petrochemical maker, and Banque Saudi Fransi both dropped the most in a week. National Industrialization Co. (NIC) fell to the lowest level since April 6, 2011.
“The market will trade flat this week,” said Turki Fadaak, the head of research at Albilad Investment Co. in Riyadh. “Third-quarter results won’t impact the market until after the holidays.”
The Saudi bourse is closed Oct. 27-31 for the Islamic Eid al-Adha holiday, one of the holiest periods of the Muslim calendar. Saudi companies will finish reporting quarterly results this week before the break.
Sabic reported on Oct. 17 a 23 percent decline in third- quarter profit as prices for its products dropped amid slower global economic growth. Net income fell to 6.31 billion riyals ($1.68 billion), according a company statement.
Sabic shares fell 0.6 percent to 89.50 riyals, while National Industrialization lost 1 percent to 28.50 riyals. Banque Saudi Fransi (BSFR) fell 1 percent to 29.80 riyals.
Saudi Arabia’s stock exchange is the only Persian Gulf bourse operating on Saturdays.
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