Saudi Arabian shares fall
Monday, 6 July 2009
RIYADH, July 5 (Bloomberg): Saudi Arabian shares dropped as the trading week began, led by Saudi Basic Industries Corp. and Al- Rajhi Bank, after stock indexes in the US and Europe recorded their third weekly decline.
Saudi Basic Industries, the world's largest chemicals maker by market value, fell 6.4 per cent. Al-Rajhi shed 2.8 per cent and Samba Financial Group fell 1.9 per cent, leading banks lower.
The Tadawul All Share Index declined 2.4 per cent to 5,467.81 in Riyadh, bringing the measure to a two-month low. The Index has added 14 per cent this year after slumping more than 50 per cent in 2008 as the price of oil, the country's biggest export, declined.
Crude fell 3.7 per cent to $66.73 a barrel in New York on July 2, the last day of trading before the US Independence Day holiday. That's 8.2 per cent lower than this year's highest closing for the commodity of $72.68 a barrel on June 11.
US and European stocks fell for a third straight week, the longest losing streak since March, on concern job cuts may prolong the recession. The Standard & Poor's 500 Index slid 2.5 per cent and the Dow Jones Industrial Average lost 1.9 per cent. In Europe, the Dow Jones Stoxx 600 Index retreated 0.2 per cent.
Sabic, as Saudi Basic is known, slid 4 riyals to 58.5 riyals. Al-Rajhi weakened 1.75 riyals to 61.25 riyals, while Samba slipped 0.8 riyals to 41.1 riyals.
Saudi Basic Industries, the world's largest chemicals maker by market value, fell 6.4 per cent. Al-Rajhi shed 2.8 per cent and Samba Financial Group fell 1.9 per cent, leading banks lower.
The Tadawul All Share Index declined 2.4 per cent to 5,467.81 in Riyadh, bringing the measure to a two-month low. The Index has added 14 per cent this year after slumping more than 50 per cent in 2008 as the price of oil, the country's biggest export, declined.
Crude fell 3.7 per cent to $66.73 a barrel in New York on July 2, the last day of trading before the US Independence Day holiday. That's 8.2 per cent lower than this year's highest closing for the commodity of $72.68 a barrel on June 11.
US and European stocks fell for a third straight week, the longest losing streak since March, on concern job cuts may prolong the recession. The Standard & Poor's 500 Index slid 2.5 per cent and the Dow Jones Industrial Average lost 1.9 per cent. In Europe, the Dow Jones Stoxx 600 Index retreated 0.2 per cent.
Sabic, as Saudi Basic is known, slid 4 riyals to 58.5 riyals. Al-Rajhi weakened 1.75 riyals to 61.25 riyals, while Samba slipped 0.8 riyals to 41.1 riyals.