Saudi Arabia (SABIC)’s shares slumped the most in almost eight months on investor concern that oil prices may retreat amid signs the global economic recovery is slowing and after first-quarter company earnings missed estimates.
Saudi Kayan Petrochemical Co. (KAYAN), the company 35 percent-owned by Saudi Basic Industries Corp., lost 6.5 percent after its first-quarter loss widened. Saudi Arabian Fertilizer Co. (SAFCO), the company known as Safco also part-owned by Saudi Basic, tumbled to the lowest since February after profit missed analysts’ expectations. Saudi Arabia’s Tadawul All Share Index (SASEIDX) fell 2.3 percent, the most since Aug. 20, to 7,348.33, at the 3:30 p.m. close in Riyadh.
Bahrain ‘set for industrial revolution’
Investment banker Rashad Janahi has said that Bahrain is well-positioned to transition to the fourth industrial revolution.
Mr Janahi who was one of the select Bahraini participants at the World
Global equity gloom, oil prices plunge grip MSM
The gloom in global equity markets and protracted weakness in oil prices once again gripped the Muscat Securities Market last week. “Investors once again dumped shares on global and regional cues”, s