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Saudi Stock Exchange gains slightly amid negative market br

 
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Kirk
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PostPosted: Sun Feb 26, 2012 7:07 pm    Post subject: Saudi Stock Exchange gains slightly amid negative market br Reply with quote

The Riyadh-based benchmark index Tasi added 0.18% to reach 7,088.48 points. Forty-five shares advanced and 89 fell in value. Saudi Basic Industries Corporation or Sabic, the market bellwether and also regarded as a GCC indicator, fell 0.74% to SR100.50. Mobile Telecommunications Company Saudi Arabia or Zain KSA surged 4.79%, finishing at SR7.65. Telecom providers in the GCC benefit from the fast growing population in the region. The DIFC weekly economic commentary reported earlier in the day that "According to QNB Capital, growth rate of GCC population is expected to decrease from 5.9% in 2004-2008 to 3.2% in 2009-2013, however remaining at a level much higher than the world average. GCC population will reach 50 million in 2013 with Saudi Arabia and UAE holding the largest shares – 61% (down from 68% in 2004) and 18.2% (up from 11.3% in 2004) respectively."
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