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Tadawul bourse defies oil price slump

The Saudi Stock Exchange (SSE) saw its lead index Tasi rising by 0.56% to 6,493.12 points. Oil prices fell to a 2.5-month low last week after the US tapped its strategic oil reserve in order to ease inflationary pressures. Meanwhile, oil prices (Texas light crude) stabilised around $91 per barrel. Emaar The Economic City surged 5.37% to SR7.85. Sabic recovered some losses, rising 1.24% to SR102. Around 101 shares gained, 23 declined. Earlier in the day, the CMA Board has issued its resolution (...) on approving the initial public offering of 48.95m shares, which represent half of Hail Cement Company share capital. The offer price will be SR10 per share, and the subscription period will be start after the Holy Month of Ramadan on September 20 2011 and will last until October 28 2011.