Shares Down; Weqaya Soars On Debut

DUBAI - Heavyweight petrochemical and banking stocks led Saudi Arabia’s stock market to a negative close for the second straight session on Saturday.

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By (Reuters)

Published: Mon 22 Jun 2009, 12:13 AM

Last updated: Sun 5 Apr 2015, 9:42 PM

The Tadawul all-share index closed 0.56 per cent down at 5,957 points.

Saudi Basic Industries Corporation ended 0.35 per cent down and al-Rajhi Bank and Samba Financial Group shed 1.46 per cent each.

Shares in Weqaya Takaful Insurance and Reinsurance Company gained 288 per cent on their trading debut compared to their IPO price. The stock topped volumes with 23.65 million shares changing hands, almost three times the number of shares sold in the initial public offering in April. The Saudi company sold 8 million shares at SR10 each in its initial public offering.

(Reuters)

Published: Mon 22 Jun 2009, 12:13 AM

Last updated: Sun 5 Apr 2015, 9:42 PM

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