Saudi Shares Drop Most in 8 Months on Global Growth Concern, Oil


15/04/2012 21:43 AST  Bloomberg

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.

For more on this Click Here

Market News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP
Most Viewed Companies
Ticker Price Volume
MESC 20.35 1,920,875
RIBL 21.6 634,605
SAPTCO 40.6 815,503
EMAAR 11.05 10,764,006
WALAA 33.4 798,395
ALKHODARI 64 825,551
SAGRINSURANCE 50 1,058,955
Recent News

Ooredoo Kuwait cuts jobs as market share shrinks
Ooredoo Kuwait has cut 165 jobs, the country's No 3 mobile operator by subscribers said on Tuesday, as its market share shrinks and profits fall.

The job losses account for about 15 per ce

Zain Bahrain extends IPO subscription period
Zain Bahrain, a leading telecom company in the kingdom, has extended the subscription period for its initial public offering (IPO) until the end of this month.

The IPO started on September

Japan to cut economic assessment for September
TOKYO -- The Japanese government will likely downgrade its monthly assessment of the economy for the first time in five months in September in light of a drop in individual consumption caused by bad

Yen's weakness a 'natural' reflection of US strength: Kuroda
The yen's recent declines against the dollar are in line with U.S. economic conditions, Bank of Japan Gov. Haruhiko Kuroda told reporters Tuesday, signaling once again that he is content to let the J

Deeper Saudi Oil Cuts Seen After Biggest Drop Since ’12: Energy
Saudi Arabia will need to keep cutting oil output to sustain prices above $100 a barrel, even after the kingdom’s largest reduction in two years, according to BNP Paribas SA and Societe Generale SA.<

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?