Saudi Stock Exchange rebounds on Alcoa, oil price recovery
2012-04-12 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: The Saudi Arabian Tadawul bourse closed 0.28% higher at 7,573.28 points Wednesday, as U. S. markets rebounded across the board. Aluminium producer Alcoa opened Tuesday the earnings season and surprised markets by announcing a quarterly profit. A recovery in oil prices, climbing above $102 per barrel after a sharp decline last week, also helped the Tadawul to stabilise. Earlier in the day, Swiss private bank Sarasin's Gobal Second Quarter outlook stated that "the rise in the price of oil is not a threat so far, but it remains a risk to the global cycle." Petrochemicals and metals giant Sabic edged a quarter percent higher. Saudi Industrial Development Co. fell the most (down 4.80%). The Tadawul market rose despite a negative market breath. 35 shares advanced, while 104 declined. Some 713m stocks were traded, valued at SR13.9bn.  

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