ArabianBusiness.com - Middle East Business News
Thursday, 26 November 2009 02:02 UAE time

YOUR DIRECTORY /

| Share |

Saudi stocks fall, dragged lower by SABIC

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 16 May 2009
EARLY FALLS: The Saudi markets fell in early trading on Saturday. (Getty Images)
EARLY FALLS: The Saudi markets fell in early trading on Saturday. (Getty Images)

Heavyweight Saudi Basic Industries Corp(SABIC) fell four percent as investors took profits after a two-week rally.

SABIC traded at 65.25 riyals after rising some 28 percent in the past two weeks.

"Now there is a decline... and that is due to profit-taking" said Youssef Kassantini, head of private banking at Rasmala Investment Co.

The Saudi benchmark fell 1.05 percent at 5,979.67 points.

Story continues below ↓
advertisement

"To understand what's going in the local market you have to look at international markets," he says, citing recent weakness in US stocks.

A gloomy forecast about world energy demand by the International Energy Agency limited gains in U.S. shares on Friday.

Saudi banks fell, including Banque Saudi Fransi, which sheds 0.5 percent. (Reuters)

| Share |


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.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

TOP IN MIDDLE EAST FINANCIAL MARKETS

  1. Saudi index down, banks and petchems weigh
  2. Gulf Arab investors discouraged by Morocco's red tape
  3. GE unit nears Islamic bond sale
  4. UAE indexes extend losses; property weighs
  5. UAE's First Gulf Bank sets guidance for $500m bond

TOP MIDDLE EAST BUSINESS STORIES

  1. Arab youth SMEs turn to family finance
  2. Shipping slump stops Bahrain's new port signing main liner
  3. Saudi, Dubai flights hit by toilet malfunction
  4. Al Jazeera wins TV rights for 2010 World Cup
  5. Emirates increases Amman, Doha services

ALSO IN MIDDLE EAST FINANCIAL MARKETS

  1. Saudi index ends higher before Eid break
  2. Savola leads Saudi index to higher close
  3. Dubai index rebounds from 10-week low
  4. Emaar stocks main drag on Dubai index
  5. Saudi index down, banks and petchems weigh

LATEST MIDDLE EAST BUSINESS NEWS

  1. Education: Mubadala completes $1bn financing for uni project
  2. Banking & Finance: Deal sought on Dubai World, Nakheel debts
  3. Banking & Finance: Arab youth SMEs turn to family finance
  4. Banking & Finance: Dubai raises further $5bn in bond sale
  5. Transportation: Shipping slump stops Bahrain's new port signing main liner

SHARE PRICE CHECK

RELATED STORIES

Marketsreport
3 stories
  1. Saudi index ends higher before Eid break
    25 Nov '09 | News
  2. Savola leads Saudi index to higher close
    24 Nov '09 | News
  3. Dubai index rebounds from 10-week low
    23 Nov '09 | News
Banque Saudi Fransi
| 15 stories
  1. Doubts persist after Saudi banks book more provisions
    24 Oct '09 | News
  2. Banque Saudi Fransi Q3 profit down 1.9%
    10 Oct '09 | News
  3. EFG-Hermes sees value in Middle East banks
    7 Oct '09 | News
Saudi Basic Industries Corporation (SABIC)
| 170 stories
  1. Saudi index down, banks and petchems weigh
    21 Nov '09 | News
  2. SABIC unit signs deal for Saudi steel plant
    16 Nov '09 | News
  3. Saudi shares end higher on banks, telcos
    14 Nov '09 | News

RELATED LINKS

  1. Banque Saudi Fransi»
  2. Saudi Basic Industries Corporation (SABIC)»
Related links open in a new window and are not endorsed by ArabianBusiness.com.

 EMAIL ALERTS

  1. Banque Saudi Fransi

  2. Saudi Basic Industries Corporation (SABIC)

  3. Financial Markets


CURRENCY CONVERTOR

Tell us your story

CURRENT ISSUE


 

READER COMMENTS

  1. EXCLUSIVE: PR guru says Dubai needs 'softer image' 07
    25 Nov ' 09 at 17:02
    Firstly, kudos to the AB guys for actually going ahead and publishing this, having lived here for almost 20 years, its very rare that...   More  »
  2. UAE banks need to improve customer service - poll 05
    25 Nov ' 09 at 14:54
    If you want the best way to avoid these harassing calls, follow these steps (this applies to Nokia phones):1) download the (free)...   More  »
  3. Dubai's Oct property sales value rises by 50% - official 05
    25 Nov ' 09 at 12:49
    From my own personal experience of buying and selling in recent months (June 09) and also being a real estate agent for the past 4...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM

JOBS

SPECIAL REPORTS

SURVEYS & REPORTS

PROPERTY