The Tadawul All-Share Index advanced 0.10% to reach 7,062.98 Wednesday, the last trading day in the Saudi week. The gauge regained its momentum after a brief phase of sideways trading but the index faces a fierce resistance level at 7,150, the old high from Jan. 9 2013 and Sep. 16 2012. Shares of Saudi Cement Company slipped 0.77% to SR97.25. In the last 12 months the share gained 14.6%.
Earlier in the day, Saudi Cement Co. said its profit in 2012 reached SR1.1bn compared to SR831.2m for the previous year with an increase of 32.3%. "The main reason for the increase in profit (...) is increased local cement and clinker sales as a result of rise in local demand," said the firm. According to Riyadh-based Jadwa Investment, cement sales in KSA were at their all-time high end of last year as they increased by 14.4% year-on-year in Dec. taking the annual growth to 10.6% for 2012.