Complex Made Simple

Bearish lead weights erase Saudi exchange’s early gains

A tiny uptick of 0.02% was left on Sunday when the Tadawul All-Share Index closed when the gauge performed a u-turn after a bullish start into the week. The index closed at 7,635.66, with market bellwether Sabic ending up 0.52% at SR96. Sabic's local rival Sahara Petrochemical lost one percent to close at SR15.10. Earlier in the day, the Riyadh- and Jubail-based company said that its subsidiary Al Waha petrochemicals company was affected in the morning of Sept. 09, 2013 by a technical fault in the utilities unit. The disruption led to the halt of production in all operating units, "where the repairing process is expected to end in a period not exceeding 10 Days starting of today's date." This would result in s missed opportunity for the profitability of nearly SR8m.