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TRADING IN BOURSE SHOWS POSITIVE SIGNS
Info-Prod Research (Middle East), June, 2009
Petrochemical and bank stocks led Saudi shares to post their strongest single-day gain since May 9 on the Saudi bourse last week following positive economic data from the United States and China, outweighing concerns over political unrest in Iran. Sukuk and other bonds were also traded for the first time in what analysts expect will help diversify financing sources under the currently tight credit conditions.
On its first session of trading last Saturday, the new sukuk and bonds trading system saw only two transactions worth SAR101, 000. Shares in Saudi Basic Industries Corp (SABIC), worth nearly SAR21 billion, finished 1.38 percent up at 73.5 riyals, its highest price since October 29, 2008. The all-share index ended 2.59 percent higher at 6,094 points.
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