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Saudi shares drop to one-month low on oil, frail growth
Published in The Saudi Gazette on 22 - 08 - 2010

Saudi Arabian shares declined to a one-month low on Saturday, led by petrochemical companies and banks, after oil prices and European markets retreated this week as US economic reports heightened investor concern that the global recovery may be faltering.
The Tadawul All Share Index fell 0.5 percent to close at 6,090.22, the lowest since July 21. Saudi Basic Industries Corp. (SABIC), the world's largest petrochemicals maker, retreated to a seven-week low after oil prices dropped $1.93 in the past week.
“The corrective mode is due to global growth jitters that is the dominant guiding force now for the Saudi stock market,” said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh. “It's very little to do with seasonality and the Ramadan effect.”
SABIC declined 1.2 percent to SR84.5, the lowest since July 5. Its Saudi Kayan Petrochemical Co. unit dropped 1.5 percent to SR16.45, the lowest since May 25. Riyad Bank, the Kingdom's third-largest lender by market value, tumbled to a seven-month low, dropping 1.1 percent. The shares closed at SR26. Saudi British Bank declined 2.1 percent to SR42.6, the lowest since July 14.
Zain Saudi Arabia, a unit of Kuwait's biggest mobile-phone company, rose 3.1 percent to SR8.3 after the Riyadh-based company announced it's seeking investor approval to reduce its capital by 48 percent, then raise it by 60 percent to absorb accumulated losses.
Trading volume on the 11th day of Ramadan. About 107 million shares traded, compared with this year's daily average of 146 million.
Tadawul has retreated 12.1 percent from this year's high in April on fewer better-than-expected corporate results and the gradual pace of the global economic recovery.
Oil prices fell a third consecutive day Friday amid concerns about lagging economic growth.
Benchmark crude for October delivery lost 97 cents to settle at $73.82 a barrel on the New York Mercantile Exchange. Slower economic growth is an indication that factories will need less energy and that companies will be reluctant to hire.
Brent crude settled down $1.04 at $74.26 a barrel on the ICE futures exchange.


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