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Sabic shares face tricky resistance at 106 Saudi Riyal

The Riyadh-based Tadawul market's main index Tasi lost 0.45% to end at SR104.50. Market bellwether Saudi Basic Industries Corporation (Sabic) dipped 0.75% to close at SR104.50. After reaching a new 2010 high on December 12 at SR106, Sabic failed to crack a key resistance line at that level. Mohamad Hawa, analyst at Credit Suisse, has set a target price at SR120. Insurance companies were still demanded in Riyadh. Amana Cooperative Insurance Co. posted the highest increase on Monday, closing up 3.91% at SR15.95.