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Wednesday, 10 February 2010 02:28 UAE time

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Banks lead Saudi index to lower close

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 27 June 2009
STOCK WATCH: The all-share TASI index ended 0.14 percent lower at 5,601 points.(Getty Images)

Banking stocks lead the Saudi bourse's all-share index to a lower close mainly due to concerns over their exposure to troubled family-owned businesses and after the announcement of poor credit data for May.

The all-share TASI index ended 0.14 percent lower at 5,601 points.

Samba Financial Group, the second-largest listed lender, led losers after it closes 4.06 percent lower at 42.5 riyals ($11.33), its lowest level in almost three months.

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Arab National Bank ended 2.74 percent lower at 39 riyals.

"Banks are pressing negatively on the market. There are no disclosures about their exposure on loans granted to businessmen such as Maan Al Sanea and Algosaibi Group," said Turki Fadak, head of the Arab Centre for Financial Consultancy.

"There are concerns over unrecoverable debts granted by some banks to private investors," he added.

Saudi banks' lending to the private sector fell for a third straight month in May, official data showed, amid growing concerns over the solvency of some family-owned firms and the local lenders' exposure to bad debts.

Alinma Bank, which has yet to start operations, led trade by volume before closing unchanged at 13.25 riyals. (Reuters)

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