Saudi Stocks down Slightly in Anticipation of Annual Statements
The Saudi stock exchange made a small downturn of 0.3 percent in the week that ended Thursday as investors waited for annual financial data from the country's firms, a financial consultancy said.
The all-shares index of the National Center for Financial and Economic Information (NCFEI) closed at 2,341.13 against 2,348.74 the week before, Baksheet Financial Advisers said.
"The Saudi stock market was quiet this week where investors are waiting for the yearly financial statements, which (are) expected at the end of 2000. On the other hand, oil prices continued at a strong level," the consultancy said.
A total of 6,934,565 shares changed hands for a value of 235 million dollars, it said.
Stock prices of 12 companies were up, 43 went down, four remained the same and 16 did not trade.
The Saudi bourse, which has a market capitalization of 60 billion dollars, enjoyed its best performance for eight years in 1999, with the NCFEI moving forward 43.6 percent, due mainly to high oil prices and economic reforms – RIYADH (AFP)
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