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Saudi Tadawul bourse flirts with 7,000 points

Positive input from Europe, where chances for bailout of Spain increased, and from the U. S., where labour market data surpassed expectations, lifted the Tadawul All-Share Index by 0.90% to hit 6,951.66 points Saturday. Sabic, the market bellwether share, gained 1.11% to hit SR90.75. According to Jadawa Investment, "Data for June show that the Saudi economy remained robust. The key indicators of consumer spending we track were both strong, with the value of point of sales transactions hitting an all-time high." Shares of Jair Marketing advanced 0.70% to reach SR150. Earlier in the day, Jair said it signed an Islamic Facility Agreement amounting to SR233m with Saudi Investment Bank. A part of the above mentioned facility agreement is Murabaha Islamic Medium term loan amounting to SR225m to be settled in four semi annual installments after two years of grace period. "The reason for having this Islamic loan is to finance buying new lands in good locations for building new showrooms for Jarir Bookstore in Saudi Arabia," the firm said.