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Zain KSA dives 2.40% after firm’s 25%-stake sale is cancelled

The Saudi stock market added 0.07% on Sunday, closing at 6,116.71 points, although Tadawul heavyweight Sabic declined to SR91.75 (off 0.81%). Zain KSA plunged 2.40% to SR6.10, after the firm confirmed that "that discussions and negotiations relating to the proposed acquisition by Kingdom Holding Cco. and Bahrain Telecommunications or Batelco which joined forces in a consortium to buy Kuwait's Zain Group's 25% shareholding in Zain KSA have ended. "Zain KSA will continue to develop its mobile telecommunications business in the Kingdom of Saudi Arabia with the support of Zain Group," a statement posted on the Tadawul website says.