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TASI ends at 5-month low, other Gulf markets retreat
Published in The Saudi Gazette on 10 - 08 - 2011

Saudi Arabia's stock index ended at a five-month low, as most shares retreat in reaction to a panic sell-off in US and Asian markets on fears of a new global downturn.
The Tadawul benchmark lost 0.81 percent to close at 6,008.67 points, its lowest close since March 7.
Bellwether Saudi Basic Industries Corp. (SABIC) fell 1.3 percent and Al-Rajhi Bank drops 0.7 percent.
World stocks sank sharply for a 10th session running Tuesday, racking up a 20-percent loss since early May.
"I expect the regional markets to rebound strongly as soon as the global markets stabilize," said Shakeel Sarwar, head of asset management at Securities & Investment Co (SICO) in Bahrain.
"However, if oil falls below $70 in a sustained decline, there will be a negative impact on regional economies."
UAE's property stocks drag down the two bourses, tracking losses in Asian markets and stirring new concerns in the Gulf over the debt crisis in Europe and US.
Dubai's benchmark fell 2 percent to 1,432 points and Abu Dhabi's index slipped 0.4 percent to 2,604 points.
"Although, these drops are making many names very attractive to invest in, no one likes to catch a falling knife," said Mohammed Yasin, CAPM Investment chief investment officer.
"Investors will wait till the dust settles before coming back in the short-term. Sentimental factors like panic, fear and lack of confidence are dictating the direction of markets rather the fundamentals of companies."
Oman's index traded near-flat.
Gulf bourses are likely to fall further from already beaten down levels Tuesday, as a global rout triggered by a historic downgrade of US credit rating shows no signs of abating.
Major indexes across Asia tumbled between 2 and 7 percent, following a drop of more than 6 percent on Wall Street Monday.
Qatar's index fell 1.8 percent to close at 8,071 points, its lowest close since March 8.
Heavyweight Industries Qatar slumped 4.1 percent.
Oman shares fell victim to a region wide sell-off as increasing concerns over weakening global growth put pressure on investor confidence.
The benchmark ended 1.8 percent lower at 5,505 points, crossing a two-year low.
Large-caps tumble, with Bank Muscat falling 4.3 percent while and Bank Dhofar slumped 8.6 percent.
There are no gainers.
Kuwait's index fell 1.5 percent to 5,870 points, hitting a fresh seven-year low.
Logistics firm Agility slumps 5.6 percent.
Elsewhere, Egypt's index dropped 4.8 percent to a new two-year low, tracking US and European markets lower on worries for the global economy.


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