Complex Made Simple

Tadawul bourse consolidates rebound and leaves Syria shock behind

The Tadawul All-Share Index closed 0.20% higher at 7,766.52 points on Thursday. Earlier in the day, National Bank of Abu Dhabi's research department said that in July 2013 oil production in KSA edged up to 9.47 million barrels per day. "Saudi Arabia benefited from the instability in some of the oil producing countries and trade restrictions," said NBAD. Whilst market bellwether Sabic lost 0.52%, liquid shares such as Saudi Hollandi Bank (up 3.66%, top gainer), Yanbu Cement (2.70% higher) or Islamic financial institution Alinma Bank (gaining 0.36%) helped the gauge to finish in the green. Saudi International Petrochemical Co., better known as Sipchem, finished the month of August flat at SR23.75. Earlier in the day, Sipchem announced the start-up of its ethyl acetate and butyl acetate plant owned by Sipchem Chemicals Company (fully owned by Sipchem) at its complex in Jubail Industrial City. Production will kick off on Sunday Sept. 1. "The financial impact of the operations will be shown in the financial statements for the third quarter of this year," said Sipchem.