Complex Made Simple

Saudi Stock Exchange has 8,000 points in sight, again

Stock traders in Saudi Arabia were unimpressed by a looming government shutdown that might start as of Oct. 1 amid political deadlock over president Barack Obama's healthcare reform proposals. Symptomatic for the dull trading action in Riyadh, market bellwether Sabic closed flat at SR96.25. Earlier in the day MEED reported Sabic and Japanese industrial giant Mitsubishi issued tender for a $500m petrochemicals plant in Jubail in the Eastern region of the kingdom. Shares of Al-Ahsa Development Company gained 1.35% to reach SR15.05. Earlier in the day, Al Ahsa said in reference to the company announcement on Tadawul market on Aug. 28 2013 regarding the proposed Aluminum Foil project that it closed all costs that has been spent on the proposed aluminum foil project in the financial statements for the fiscal year ending Dec. 31 2013, which may have impact on the financial statements in the 4th quarter.