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Saudi index ends lower on selling pressure
Published in The Saudi Gazette on 19 - 11 - 2009

Selling pressure on Saudi bluechips weighed on Saudi stock market benchmark Tadawul All-Share Index (TASI), which ended lower for the first session in three on declining volumes.
Saudi Basic Industries (Sabic) fell 0.6 percent and Samba Financial Group slipped 0.5 percent.
The benchmark declined 0.2 percent to 6,319 points, tracking a downward trend on most Gulf Arab markets.
Trading volumes fell by more than a quarter from the day before.
Investors booked profits in Dubai as the index DFM continued a corrective phase, with real estate and banks the main drag.
Emaar Properties fell 1.6 percent, and Emirates NBD slipped 2.2 percent. All sectors declined, with telecommunications provider Du falling 3 percent and logistics firm Aramex slipping 2.8 percent.
“From a technical point of view, the market is not able to break the resistance of 2,200 in Dubai, and 3,000 in Abu Dhabi,” said Chamel Fahmy, senior regional sales trader st Beltone Financial. “Volumes are still weak.”
The index ended 1.4 percent lower at 2,147 points, its fourth decline in five sessions. Volumes fell by more than half from the day before. Selling pressure on real estate stocks in Abu Dhabi dragged the index ADI lower. Sorouh Real Estate fell 2.1 percent and Aldar Properties slipped 1.9 percent.
The benchmark fell 0.5 percent to 2,950 points.
Oman's index MSI ended marginally higher, led by banks, after trading sideways for most of the session.
Ahli Bank rose 1.45 percent and Bank Sohar added 0.9 percent as banks helped to lift the index.
Oman's benchmark ended 0.1 percent higher at 6,388 points.
Qatar's index QSI bucked the regional trend on Wednesday, after heavyweight Industries Qatar, and banking stocks helped lift the benchmark higher. Industries Qatar rose 0.9 percent, and Qatar Islamic Bank advanced 2.9 percent.


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