Saudi shares slide as market leaders fall in slack Ramadan trading
Saudi stocks edged down in the week closing Thursday, November 29 amid low seasonal trading and losses by market leaders SABIC and ARABIC, Bakheet Financial Advisors (BFA) said. The NCFEI all-shares index dropped 0.9 percent to close at 2,360.28 points down from 2,381.10 points last week. The index is now 4.5 percent higher than at the start of the year.
"The Saudi stock market witnessed a moderate drop this week for the second week in a row, where the market had a usual low trading due to the Holy (fasting) month of Ramadan," BFA said. "Moreover, the investors are keeping a close watch on the upcoming 2002 Saudi general budget and corporate financial results for 2001," it added.
Stock prices of only 15 companies rose, 35 fell, 11 remained unchanged and 15 issues did not trade. Trading value dropped slightly from 745 million riyals ($198.7 million) last week to 724.3 million riyals ($193.1 million). The only blue chip gainers were Arab National Bank and The Saudi British Bank which were up two percent and 0.1 percent respectively.
The big losers were Saudi Basic Industries Corp. (SABIC) and Al Rajhi Banking & Investment Corp. (ARABIC), down by 2.3 percent and 1.2 percent respectively. The NCFEI is the most capitalised market in the Arab world at more than $70 billion, but operates only as an interbank market system. — (AFP, Riyadh)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)