Business | Markets
Sabic and Al Rajhi Bank lead fall in Saudi stocks
Saudi Arabian stocks fell, led by Saudi Basic Industries Co. and Al Rajhi Bank, tracking declines in the US and Europe on concerns about growth.
- Bloomberg
- Published: 23:19 March 1, 2008
Dubai: Saudi Arabian stocks fell, led by Saudi Basic Industries Co. and Al Rajhi Bank, tracking declines in the US and Europe on concerns about growth.
The Tadawul All Share Index lost 1.1 per cent to end at 10,177.91 in Riyadh, with 69 members declining, 27 members advancing and 10 unchanged.
Saudi Basic, the Riyadh-based chemicals maker known as Sabic, led the drop, falling 2.25 riyals, or 1.2 per cent, to 184.75 riyals. Al Rajhi Bank declined 1.7 per cent to 99.5 riyals.
"The market is demonstrating a strong correlation with international markets, and is directly affected by global stock markets," Shadi Zubeidi, head of investment banking advisory at Saudi Swiss Securities, said in a telephone interview from Riyadh yesterday. "Most global stocks are down, and Saudi Arabia has followed."
The S&P 500 Index fell 2.7 per cent on Friday in New York, its biggest drop since February 5, after a report showed business activity fell to the lowest level since 2001 and UBS said losses in credit markets may top $600 billion.
European stocks fell in the past week, as investors' concerns deepened that slower economic growth will curb earnings.
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