Tadawul market even, Mobily plummets

June 2, 2014 6:45 pm

The Saudi Arabian Tadawul All-Share Index ended unchanged at 9,864.61 points on Monday, June 2.

Market bellwether SABIC slipped by 0.10 per cent to SAR116. The shares of telecom operator Etihad Etisalat or Mobily plummeted by 4.34 per cent to SAR88.75.

Earlier in the day, Mobily revealed, with reference to the announcement by Etihad Atheeb Telecom Company (Go) about the cancellation of the indefeasible rights of use (IRU) agreement with Bayanat Al-Oula Network Services Company (Bayanat) – a subsidiary of Etihad Etisalat Company – and following what has already been announced by Mobily on the Tadawul website on April 21 on its interim consolidated financial results for Q1 2014, the cancellation of the IRU, due to a decrease in net profit for Q1 2014, which reached SAR338.7 million.

Gérard Al-Fil