Israel-Hezbollah ceasefire comes into effect    Five survivors found day after Red Sea tourist boat sinking    Imran Khan supporters pushed back by security forces    Russia launched a record number of almost 200 drones toward Ukraine    King Salman calls for rain-seeking prayer on Thursday    Al Hilal advances to AFC Champions League knockout stage despite 1-1 draw with Al Sadd    Finance minister: All Vision 2030 projects have sustainable funding that won't affect public finances    Crown Prince announces medium-term debt strategy to diversify funding sources "A resilient economy capable of overcoming challenges reflects progress towards achieving Vision 2030 goals"    Riyadh Season draws 8 million visitors in 6 weeks    Alkhorayef highlights role of National Initiative for Global Supply Chains in boosting Saudi economy    Saudi Arabia signs investment deals worth SR35bn with foreign firms to strengthen global supply chains    Saudi Arabia unveils updates on Expo 2030 Riyadh master plan at 175th BIE General Assembly Riyadh Expo Development Company established to oversee strategic planning, operations, and legacy development    Saudi FM attends Quadripartite meeting on Sudan in Italy    Best-selling novelist Barbara Taylor Bradford dies    Cristiano Ronaldo's double powers Al Nassr to 3-1 win over Al Gharafa in AFC Champions League    Al Ahli edges Al Ain 2-1, bolsters perfect start in AFC Champions League Elite    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Do cigarettes belong in a museum?    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    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 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.


Clic here to read the story from its source.