Saudi shares continue to drop amid fears of US retaliatory strikes
The Saudi stock market shed a further 2.3 percent in the week closing Thursday, September 20, unnerved by fears of US military action in retaliation for the September 11 terror attacks in New York and Washington.
The NCFEI all-shares index dropped to 2,415.03 points from 2,472.56 points the previous Thursday, Bakheet Financial Advisors (BFA) reported. But it is still 6.9 percent higher than at the start of the year.
"The Saudi stock market dropped this week in the aftermath of recent events in the United States," BFA said. The drop came amid the "delay in reopening US bourses and America's declaration it was on a war footing," it said.
Only one blue chip gained on the week, Saudi French Bank increasing by 0.9 percent. Losers were led by Arab National Bank and Southern Cement, which dropped 5.3 and 3.9 percent respectively.
Stock prices of only five companies rose, 56 fell, two were unchanged and 13 issues did not trade. Trading value fell back to 2.8 billion riyals ($741 million) from 3.1 billion riyals ($826 million) last week.
The NCFEI is the most capitalized in the Arab world at more than $60 billion, but operates only as an interbank market system. ― (AFP, Riyadh)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)