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Al-Babtain Power & Telecom soars on deal with Saudi Electricity Co.

The Tadawul All-Share Index gained for the fifth consecutive session Wednesday, ending up 0.21% to close at a one-month high at 6,892.62 points. Market bellwether share Sabic slipped 0.83% to SR89.75. Shares of Al-Babtain Power and Telecommunication advanced 1.50% to reach SR24. Earlier in the day, Al-Babtain said it signed a supply agreement with Saudi Electricity Company for manufacturing and supply electrical distributes steel poles. "The agreement is valued at SR125.150m by self-financing and the agreement period is 12 month Starting from the date of signature. The financial impact of this agreement is expected to be in the start of 4th quarter of year 2012," Al-Babtain added.