Friday, 21 November 2008
updated 1 minute ago
07:43 UAE time

YOUR DIRECTORY /

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%.

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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.

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