Business | Markets

Saudi stock market falls marginally to below 11,000

Saudi shares fell below the 11,000-mark yesterday to close down 0.9 at 10928.92, paced by losses in Sabic shares.

  • Reuters, Bloomberg
  • Published: 01:03 December 16, 2007
  • Gulf News

Riyadh: Saudi shares fell below the 11,000-mark yesterday to close down 0.9 at 10928.92, paced by losses in Sabic shares.

Sabic, the world's largest maker of chemicals, declined 2.2 per cent, while its affiliate Safco dropped 3.6 per cent.

Banking majors Samba and Saudi Hollandi led losers with declines of 6.3 per cent and 5.1 per cent respectively.

Saudi Electricity gained 1.6 per cent, while Saudi Telecom climbs 1.9 per cent. Except Saudi Stock Market all other regional bourses were closed Saturday for the weekend holidays.

Investors were selling larger stock such as Sabic, and buying shares in smaller firms that had lagged the rally in the benchmark, said Ebrahim Al Alwan, deputy chief executive of KSB Capital.

The benchmark closed above 11,000 points for the first time in 14 months on Wednesday. It touched a new 2007 high of 11073.59 points during the session.

Liquidity shift

"There is a liquidity shift from large caps to small caps, which have not rallied as much," said Al Alwan.

Eleven of the 13 smallest stocks rallied, with Al Baha Investment and Development Co surging 9.52 per cent.

Announcement: Eid Al Adha holidays

The Bahrain stock exchange will close December. 16-23 for the National Day, the Accession Day and Eid Al Adha.

The Muscat Securities Market will close from December 19 to 22 for Eid holidays, state media said.

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