Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

National Petrochemical Tumbles After 2-Month Loss: Riyadh Mover

Dec. 10 (Bloomberg) -- Saudi National Petrochemical Co. fell to a four-month low after the company known as Petrochem said it had a loss of 264 million riyals ($70 million) in October and November as its polymers plant remains shut.

The stock fell 5.6 percent to 18.6 riyals, the lowest since July 25, at the close in Riyadh. The shares helped push the benchmark Saudi Tadawul All Share Index down 0.6 percent, the most since Nov. 27. About 2.5 million Petrochem shares were traded today, more than five times the three-month daily average.

“The detail of the loss numbers for the two months may have triggered a negative reaction from investors,” Muhammad Faisal Potrik, an analyst at Riyad Capital, said by phone today. “As the plant is still shut down, the loss is only expected to increase.”

Petrochem said yesterday it would delay resuming operations of its polymers plant until January from December. The company suspended productions at the plant Nov. 10 and said at the time the shutdown would reflect on its fourth-quarter results.

Petrochem’s shares have dropped 9.3 percent so far this year, compared with a drop of 7.2 percent for the Tadawul All Share Petrochemical Industries Index and a gain of 5.1 percent for the benchmark stock index. Potrik has a buy recommendation on the stock while three analysts say hold and two say sell.

“I may revisit my assumptions on the stock,” Potrik said.

To contact the reporter on this story: Zahra Hankir in Dubai at

To contact the editor responsible for this story: Alaa Shahine at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.