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Saudi shares decline, led by Sabic, Al-Rajhi
Published in The Saudi Gazette on 05 - 07 - 2009

Saudi Arabian shares dropped as the trading week began, led by Saudi Basic Industries Corp. and Al-Rajhi Bank, after stock indexes in the US and Europe recorded their third weekly decline.
Saudi Basic Industries, the world's largest chemicals maker by market value, fell 6 percent. Al-Rajhi shed 3.6 percent and Samba Financial Group fell 3.1 percent, leading banks lower.
The Tadawul All Share Index declined 2.6 percent to 5,466.92 in Riyadh, bringing the measure to a two-month low.
The index has added almost 14 percent this year after slumping more than 50 percent in 2008 as the price of oil, the Kingdom's biggest export, declined.
SABIC slid SR3.75 to SR 58.75 at 1:16 P.M. Al-Rajhi weakened SR2.25 to SR60.75, while Samba slipped SR1.6 to SR40.3.
Qassim Cement Co., a Saudi Arabian cement and clinker maker, surged to a 10-month high after announcing an interim dividend double the amount paid last year.
The shares rose as much as 9.9 percent, or SR11.5, to SR128, the highest since September.
The shares gained after Qassim proposed a SR6 interim dividend for the first half.
The interim payment last year was SR3, with a second SR5 dividend after the end of the year bringing Al-Qassim's full-year 2008 payout to SR8.
The company plans to offer shareholders one bonus share for each existing one in a bonus capital hike.
“It's obviously very positive,” Raj Sinha, an analyst with HSBC Holdings Plc in Riyadh, said of the proposed dividend.
Petrochemical and banking stocks led the Saudi bourse's benchmark to a lower close after rising over the previous three sessions.
Alinma Bank led trade before closing 1.1 percent down at SR13.05. The lender announced earlier in the day the launch of its banking services.
Meanwhile, Morgan Stanley Saudi Arabia (MSSA) recently launched cash equity trading on Tadawul.
Through this service, MSSA will be able to execute swap transactions and help international investors gain access to companies listed on the Tadawul.

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