Oil price slump drags Saudi bourse down
- Saudi Arabia: Saturday, May 05 - 2012 at 17:18
The Tadawul All-Share Index lost 1.27% Saturday, ending at a three-week low at 7,450.26 points. Market breadth turned deeply into the red, as 13 shares advanced, while 132 declined. On Friday, when Riyadh was closed, oil prices fell sharply below $100 per barrel (U. S. crude) on increasing concerns of a global economic slowdown. Petrochemicals, fertilizers and metals producer Sabic, the market and regional bellwether, fell 1.69% to SR101.50. Its rival Advanced Petrochemical shed one percent to close at SR27.40. Earlier in the day, Advanced said Advanced Petrochemical Company (Advanced) and Bayegan Group (Bayegan) had it signed a Memorandum of Understanding for the development of a joint Propane Dehydrogenation (PDH) and Polypropylene plant, worth $1bn in Southern Turkey. The statement reads: "The project, in which Advanced will hold a 70% equity stake and Bayegan Group 30%, is comprised of construction of a state-of-the-art PDH-PP Plant, all other required utilities and port facilities (...) Once fully operational, the plant is expected to produce approximately 500,000 tons of polypropylene per year. Construction of the project is expected to commence 2nd quarter of 2013 with completion targeted for fourth quarter of 2015."
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