SABB/HSBC PMI Index two-year high lifts Tadawul bourse
The Saudi Arabian Tadawul All-Share Index closed 0.27 per cent higher at 10,478.34 points on Wednesday, August 6.
Earlier in the day, The Saudi British Bank “SABB” has published the results of the headline SABB HSBC Saudi Arabia Purchasing Managers’ Index™ (PMI™) for July 2014 – a monthly report issued by the bank and HSBC.
The monthly-adjusted headline PMI posted 60.1 in July, up from 59.2 in June, which indicates a sustained expansion of the Saudi Arabian non-oil private sector. The pace of growth was the quickest since September 2012 and reflective of a sharp improvement in operating conditions.
Al Alamiya for Cooperative Insurance Company gained the most, edging up by 9.78 per cent to hit SAR120.25.
The shares of Astra Industrial Group slipped 0.36 per cent to SAR50.25. Earlier in the day, the firm said in a filing to the market it signed an Islamic Banking Facilities agreement with SABB (whose shares went up by 2.71 per cent at SAR57.56). The Sharia-compliant financing has a value of SAR877.5m ($236.93m) with a duration of six years (the maturity is set at August 6 2020).