Saudi shares drop after US terror attacks
The Saudi stock market shed 4.3 percent in the week closing Thursday, September 13, following Tuesday's terror attacks in the United States. The NCFEI all-shares index dropped to 2,472.56 points from 2,582.52 the previous Thursday, Bakheet Financial Advisors (BFA) reported. But it is still 9.5 percent higher than at the start of the year.
"The Saudi stock market dropped significantly over the last few days (in line) with the global stock market decline following the unfortunate events... in the United States," BFA commented.
Blue chip losers were led by Riyad Bank, which dropped 6.7 percent, followed by Al-Bank Al-Saudi Al-Fransi, off 6.4 percent. Stock prices of only three companies rose, 57 fell, four were unchanged and 12 issues did not trade.
Trading value rose to 3.1 billion riyals ($826 million) from 2.5 billion riyals ($660 million) last week. The NCFEI is the most capitalized in the Arab world at more than $60 billion, but operates as an interbank market system. ― (AFP, Riyadh)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)