Saudi Arabia's stock benchmark Tadawul All Share Index (TASI) advanced 0.13 percent to 6,275.92 points Monday, maintaining uptick for a fourth straight session. It recovered early-session losses on the back of gains in European stocks. The petrochemical index closed near-flat but bellwether Saudi Basic Industries Corp. (SABIC) added 0.3 percent. Advanced Petrochemical rose 2.1 percent in strong buying after saying it will pay a SR1-per-share ($0.27) cash dividend for the second half of 2011. It will also raise its capital by issuing one bonus share for every 6.25 held and raise its total paid-up capital from SR1.41 billion to SR1.64 billion, it said in a bourse statement Monday. Saudi Chemical Company climbed 3 percent. It said on Sunday it will distribute a SR2-per-share cash dividend for the third-quarter. Dec 28 is the ex-dividend date. Elsewhere, Dubai's index advanced 0.1 percent to 1,374 points, trimming 2011 losses to 15.7 percent. Abu Dhabi's index fell 0.8 percent to 2,393 points, its lowest close since March 2009. Abu Dhabi's two main property stocks dropped, pushing the index to a new 21-month closing low. In Qatar, the index ended 0.09 percent lower at 8,745 points. “Investor focus is shifting back to fundamentals and with the recent delays and cancellations in Abu Dhabi real estate projects, it would be hard to imagine from where these developers will continue to generate cash going forward,” said Amer Khan, fund manager at Shuaa Asset Management.
