Sabic hits 5-month high
On the first trading session after Eid Al-Adha and Al-Haj holiday, the Saudi Arabian Tadawul All-Share Index gained 1.88% to reach 8,133.24 points. Market bellwether Saudi Basic Industries Corporation or Sabic, the biggest producer of petrochemical products in the world, jumped 5.36%, finishing at SR103.25, the highest valuation since May this year. Islamic bank Alinma closed 1.77% higher at SR14.35. Earlier in the day, Dubai economist Dr. Nasser Saidi, founder and CEO of Nasser Saidi and associates, said the banking sector in Saudi Arabia continued to grow in the past 10 years “and it has shown resilience during and following the global financial crisis”. Saidi quoted the Saudi central bank SAMA which reported that total assets of commercial banks tripled from SR508bn to SR1,734bn during this period while private sector banking liabilities saw a near five-fold increase from SR206bn to SR999bn.