JEDDAH: Petrochemicals helped Saudi Arabia's index TASI edge up to a new seven-month high, although volumes slumped with investors cautious as the fourth-quarter results season nears. Saudi Kayan rose 0.8 percent and Yanbu National Petrochemical Co's (Yansab) added 0.6 percent. Saudi Basic Industries Corp (SABIC) rose 0.2 percent after it recommended a SR2 per share dividend for the second half of 2010. “SABIC's dividend was in line with expectations, which is shown in the share price reaction today,” said a Riyadh-based trader who asked not to be identified. The benchmark Tadawul All Share Index climbed 0.28 percent Monday to close at 6,595.27 points, its highest finish since May 12. Volumes slipped to a two-week low. “We are at a cross roads, waiting to see if the Q4 numbers will show that the gains in petrochemicals stocks are justified,” added the trader.
