Saudi bourse extends gains, SABIC rises near 130 Saudi riyal

July 23, 2014 6:22 pm

Euphoria remained high on the floor in Riyadh on Wednesday, July 23, following the government’s announcement to open the GCC’s biggest bourse to foreign institutional investors as early as Q1 2015. The Tadawul All-Share Index edged u by 1.40 per cent to hit 10,162.73 points.

SABIC surged 4.78 per cent, finishing at SAR 129.25. The share of the world’s biggest producer of petrochemicals has gained 45 per cent in the last 12 months.

Saudi Arabian Mining Company advanced by 0.81 per cent, finishing at SAR37.50. Earlier in the day, Maaden said that Septe,ber 1st 2014 would be the target date for the beginning of the commercial production of the Aluminum Smelter at its subsidiary (Maaden Aluminum Company).

“The financial impact of this commercial production will be reflected in the companys financials for the third quarter of 2014.”

Maaden Aluminum Company is 74.9 per cent owned by Maaden, and 25.1 per cent owned by Alcoa, and that the Aluminum Smelter is designed to produce 740,000 tons per year.