Dubai: Saudi Arabian shares advanced yesterday, led by Almarai Co and Saudi Basic Industries Corp, the world's biggest chemicals maker by market value, after the US Congress passed an economic stimulus package.
Almarai, the kingdom's largest food producer by market value, climbed as much as 10 per cent after it formed a venture with PepsiCo Inc Tabuk Agricultural Development Co, the Saudi fruit and vegetable exporter, rose for the first time in three days after announcing plans to pay its 2008 dividend. Saudi Basic, also known as Sabic, advanced as much as 3.7 per cent.
The Tadawul All Share Index rose 2 per cent to 4,944.18 in Riyadh. The measure has risen 2.9 per cent this year after losing more than half its value in 2008 as oil prices dropped.
No comments:
Post a Comment