Saudi market gets week off to disappointing start

by This email address is being protected from spam bots, you need Javascript enabled to view it on Saturday, 17 May 2008

POOR START: Saudi's benchmark dropped 1.21% on Saturday, pulled down by poor performances from banks. (Getty Images)

Saudi Arabia's main index got the week off to a disappointing start on Saturday, with poor performances from banks pulling the benchmark down to a lower close.

Lenders Banque Saudi Fransi and Arab National Bank both saw their share price slip, while Riyad Bank saw its plummet after it started subscription for a $3.5 billion rights issue.

Banque Saudi Fransi dropped 2.56%, Arab National Bank 3.62%, and Riyad Bank tumbled 5.49%.

Story continues below ↓

The benchmark declined 1.21% to 9,664.54 points. The index is down 12.58% this year to Saturday's close, making it the Gulf Arab region's worst-performing measure.

Saudi Arabia is the only Gulf market to trade on a Saturday.

For news updates sign up for our newsletter

READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment

Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.

Name *

Remember me on this computer

Email *

(Your email address will not be published)

City

Country

Subject *

Comment *

Notify me of further comments