The Tadawul All-Share Index added 0.13 per cent amid lackluster trading on Wednesday, July 16.
The gauge closed at 9,810.81 points. Earlier in the day, the market authority said the bourse will be close from July 25 to Aug. 2 on the occassion of Eid ul-Fitr festivities which market the end of the Islamic month of Ramadan.
Market bellwether SABIC slipped 0.06 per cent to SAR116.50. Banque Saudi Fransi closed flat at SAR33.10.
Arjuna Mahendran, the chief investment officer at bank Emirates NBD, the biggest lender in the UAE, said earlier in the day “We expect GCC banks overall to post double-digit earnings growth on the back of lower provisioning. Banque Saudi Fransi is increasing dividends and Al Hokair (retailer) has a 100 per cent bonus distribution. These corporate actions should lead to continued positive performance from the Saudi market.”
Wednesday, July 16- 2014 @ 17:43 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.