MARKET TALK: Saudi Mkt Trades -0.5%; Banks, Petchems Pace Decline

Saturday, Nov 17, 2012

0835 GMT [Zawya Dow Jones]--Saudi Arabia's benchmark Tadawul Index trades -0.5% at 6780.95 with banks and petchems leading the decline. Technical analysts at NCB Capital reckon the index could rebound in the near term if it trades above 6,836, adding that the next "resistance lies around 6,885 and 6,920 levels." Kingdom Holding Co. shares are trading +0.6% at SAR16.85 after announcing it has completed the purchase of Toronto's Four Seasons hotel for $200 million. Key stock Al Rajhi Bank is trading -0.4% at SAR69.50, heavyweight Sabic is -0.8% at SAR89.50.(iman.dawoud@dowjones.com; Twitter: @ZDJnews)

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17-11-12 0834GMT