Saudi Stock Exchange “Tadawul” rises for the second consecutive session

Saudi Stock Exchange Tadawul rises for the second consecutive session

Backed by the financial stocks, the Saudi Stock Exchange “Tadawul” rises for the second session in a row.

The main index of Saudi Arabia’s stock exchange rose 0.5 percent. The two indexes of Al-Rajhi Bank and Al-Riyad Bank also rose 1 and 3.1 percent respectively. NCB’s index closed 0.6 percent higher, Reuters reported.

Saudi Arabian Basic Industries Corporation (SABIC) fell 0.7 percent, after the company posted the lowest quarterly profits since late 2009, which the company attributed to a decline in the average selling prices of products and its share got declined in associates and joint ventures.

SABIC’s chief executive, Joseph Al-Bunyan said earlier on Sunday that his company was not interested in acquiring Swiss chemicals company Clarent.

He also indicated that SABIC‘s share in the Swiss company is 25 percent, which is a kind of “long-term strategic investment,” noting that as soon as market conditions change, SABIC will hold another round of talks on the joint venture with Clarent, which was postponed by the two companies.

Clarinet said, on last Thursday, that it had suspended joint venture talks with its biggest shareholder SABIC due to differences over assets’ prices, a new setback for the Swiss chemical industry company, whose chief executive abruptly resigned last week.