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Petchems drag Saudi market to 8-day low
Published in The Saudi Gazette on 28 - 07 - 2011

Saudi stock benchmark Tadawul All Share Index lost 0.49 percent, pushing it to an eight-day low Wednesday to close at 6,445.17 points as investors reduced positions ahead of the month of Ramadan and a lack of catalysts drags the index to an eight-day low.
Most petrochemical and banking stocks fell, accounting for almost a third of total trading volumes.
Saudi Basic Industries Corp. (SABIC) shed 1.2 percent, Saudi Arabian Fertilizers Co. slipped 0.1 percent and Sahara Petrochemical Co. declined 3.5 percent. Heavyweight lender Al Rajih Bank dipped 0.7 percent.
"Unfortunately, we're approaching Ramadan in times of uncertainty in international markets," said Marwan Shurrab, vice-president and chief trader at Gulfmena Investments.
"We will see bluechips drifting down despite strong Q2 numbers generally. Real estate stocks are lagging behind, which is one of the main drivers of UAE markets. This will cause a lag in positioning from institutional which will negatively affect our markets."
Elsewhere, Etisalat dragged Abu Dhabi's benchmark to an eight-week low after paying out dividend, worsening the market's decline as investors withdrew positions ahead of the Islamic month of Ramadan.
The telecom operator fell 3.3 percent.
Banks saw profit-taking from Tuesday's gains. First Gulf Bank slipped 0.6 percent, Abu Dhabi Commercial Bank shed 0.7 percent and Union National Bank declined 0.3 percent.
The index dropped 1.2 percent to 2,641 points, its lowest close since May 31.
Dubai's Emaar Properties ended 0.7 percent lower in late selling following the company posting a 69 percent drop in quarterly net profit Tuesday and missed estimates.
The benchmark eased 0.3 percent to 1,507 point to a four-week low.
Other stocks in the emirate also fell with Arabtec down 1.5 percent, Air Arabia shedding 1 percent and Drake and Scull slipping 0.6 percent.
Gulf Finance House dragged the index lower and other shares slipped in a regional downtrend with global uncertainty weighing on sentiment. GFH tumbled 5.1 percent to take its July losses to 14.5 percent.
Investors have been booking profits in the stock after its chairman sold his $1.4m stake in the firm Thursday, sending the stock price soaring.
The benchmark slipped 0.4 percent to 6,065 points, down for a second day in last four.
Gold soared to a record high for the sixth time in two weeks Wednesday and the dollar collapsed to another record low against the Swiss franc as investors sought safety from a possible US debt default. Equities were weaker globally, particularly in Europe.
Oman's index halted two-day gains as investors waited for a catalyst to spur buying.
Seven of the ten largest stock fall with Renaissance Services falling 3.8 percent, Nawras slipping 0.6 percent and Ahli Bank down 0.8 percent. The benchmark ended 0.4 percent lower at 5,925 points.


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