Saudi index bucks local trend to end higher

by Reuters Monday, 28 September 2009

Saudi Arabia's benchmark bucked the trend to end higher, led by Saudi Basic Industries Corp (SABIC) and Riyad Bank which rose 1.9 percent and 4 percent respectively.

The kingdom's index rose 0.8 percent to 6,227 points, climbing for an eighth trading day.

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All other regional bourses fall, tracking weaker global markets and oil prices.
Dubai's Emaar Properties fell 3.7 percent and Abu Dhabi's Sorouh Real Estate declined 5.1 percent as both stocks suffer their biggest one-day fall since August.

Weakness in global stocks and falling oil prices weighed on regional sentiment as Dubai's bourse eased 2.6 percent to 2,141 points and Abu Dhabi's benchmark fell 1.1 percent to 3,089 points.

Bank Muscat suffered its largest one-day decline since July 13, ending 5.7 percent lower and dragging Muscat's benchmark 2.3 percent to 6,583 points, after four trading days of gains.

Oman's central bank governor said earlier on Monday that banks in his country may need to take additional provisions on bad debt due to exposure to troubled Saudi conglomerates.

National Bank of Oman lost 3.8 percent and Oman International Bank 2.5 percent.

Oil dipped 50 cents to $65.51 a barrel.

Qatar's bourse also fell in early trading, with Industries Qatar leading the decline, falling 1.4 percent. Qatar's index fell 0.8 percent to 7,446 points. (Reuters)



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