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Saudi shares decline for third week

The Saudi stock market extended its losses into its third week as the Tadawul All Share Index fell below 8,200 points amid modest trading volume, its lowest in two years.

  • By Mariam Al Hakeem, Correspondent
  • Published: 23:58 August 15, 2008
  • Gulf News

Riyadh: The Saudi stock market extended its losses into its third week as the Tadawul All Share Index fell below 8,200 points amid modest trading volume, its lowest in two years.

The index has now accumulated losses of 900 points, or 10 per cent of its total value, since July 25.

The financial ratios of listed companies are extremely attractive, especially after the latest losses where the multiples of the large-cap stocks vary between 10 and 15.

The ongoing dispute between Iran and the West about the former's nuclear programme and the declines in regional stock markets may have pushed investors from taking advantage of the discounted prices.

Tadawul registered 8,188.30 points on Wednesday, the week's last trading day, down by 3.1 per cent from the previous week.

The index is down 25.8 per cent since the beginning of the year.

Trading value reached 21.3 billion riyals (about Dh21.3 billion) against last week's 20.7 billion riyals.

Ma'aden dominated trading value at 14 per cent followed by Sabic at 10 per cent and NSCSA at six per cent.

A market analyst said trading values will increase in the upcoming days, especially with the new Tadawul rule on disclosing the names of investors holding five per cent or more stakes in the listed companies coming into effect.

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