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Tadawul market falls to 11-month low on Sabic, Ma'aden
- Saudi Arabia: Tuesday, November 27 - 2012 at 16:58
The Riyadh-based gauge Tasi closed Tuesday trading 1.20% lower at 6,462.46 points. Sabic fell back to SR87, while the advance-decline ratio ended in the bearish area, at 15 to 132. Shares of Saudi Arabian Mining Co. or Ma'aden dived 2.21% to SR31. Earlier in the day, Ma'aden said on the halt of the contractor assigned by the Saline Water Conversion Corporation (SWCC) for the implementation of the electricity plant project at Ras Al Khair at the Arabian GUlf coast, north of Jubail that "The project halt may cause shortage in the supply of electricity required by the Ma'aden Aluminum Company (MAC) at Ras Al Khair. The company added that it has taken prior action to minimize the impact of the contractors halt on the timely implementation of the project by agreeing to supply electricity with the Saudi Electricity Company (SEC, off 0.38% at SR13.05). "Ma'aden, SEC and SWCC have been continuous coordinating relevant action steps. The impact on the project will lead to a slowdown in scheduled ramp up to reach the designed capacity of the aluminum smelter," the statement said.
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Gérard Al-Fil, Financial JournalistTuesday, November 27 - 2012 at 16:58 UAE local time (GMT+4)
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