Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi stocks drop near technical support level
Published in The Saudi Gazette on 20 - 09 - 2016

Saudi Arabia's stock index dropped 2.1 percent to 5,936 points, only 25 points shy of the technical support on the August low. Nine-tenth of the traded shares declined.
Although volume was double that of Sunday's, the general lack of liquidity in the market is one of the greatest concerns, said Santhosh Balakrishnan, equity analyst at Riyad Capital.
"There has been less participation in the market comparatively, and this is the first year that there is no grand re-opening of the markets after the Eid holidays."
Saudi Kayan Petrochemical dropped 3.1 percent and the largest Islamic bank Al Rajhi Bank dropped 3.1 percent.
Uncertainty over further austerity hit sentiment, according to local media, the government is expected to hike fees on services including driving licenses, traffic violations, port fees and several other municipal services on Oct. 2.
Last month the cabinet, seeking to boost state revenues in an era of low oil prices, approved proposals to raise a range of government fees including visa charges and fines for some traffic violations.
The insurance sub-index, usually favored by local retail traders, fell 4.1 percent.
Qatar's main equity index slumped 4.0 percent on Monday ahead of the additions of some companies in FTSE's secondary emerging market index, while Saudi Arabia dropped as investors grew weary of further austerity expected to come into effect next month.
Doha suffered from its largest single day drop since January in the heaviest turnover so far this year.
Shares in companies set to be included in index compiler FTSE's secondary emerging market index on Sept. 20 were the top losers, with mobile phone operator Ooredoo and Islamic lender Masraf Al Rayan each falling 5.1 percent.
Fund managers said the correction was expected as the rally in anticipation of inclusion in the FTSE index had taken some company valuations above fair value.
"In a time of uncertainty no one takes fresh positions and they tend to stay away until clarity comes back,"
Global stocks drew support from expectations that the US Federal Reserve would skip a chance to raise rates this week and this helped support Dubai's index, which attracts foreign investors.
The index held onto small gains and added 0.04 percent, with gainers outnumbering losers 13 to 10. The largest listed developer Emaar Properties added 0.4 percent.
But some shares which have been outperforming over the last two sessions pulled back, with GFH Financial Group dropping 2.9 percent and Shuaa Capital declining 0.6 percent.
But in Abu Dhabi, the equity index dipped 0.1 percent with main drag from large-cap lenders. Union National Bank fell 3.9 percent and Abu Dhabi Commercial Bank lost 0.6 percent.
In Egypt, the main index rose 0.7 percent as two-thirds of the most valuable stocks advanced.
Shares favored by foreign funds were some of the top performers, with Global Telecom Holding jumping 4.0 percent.– SG/Reuters


Clic here to read the story from its source.