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


15/04/2012 21:43 AST

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

Bloomberg
Market News
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
NBAD 10.7 60,767
TIRECO 44.1 222,543
SABIC 96.21 3,089,615
SAVOLA 66.99 842,784
RIBL 16.66 965,390
SAGRINSURANCE 28.44 273,230
MAZAYA 114 213,843
Recent News

UAE non-oil business growth hits 22-month low
Business activity growth in the United Arab Emirates' non-oil private sector slowed to a 22-month low in June, partly because of the start of the Muslim holy month of Ramadan, a corporate survey show

Mideast construction disputes value hits $77m
The total value of disputes relating to major construction projects in the Middle East increased significantly to $76.7 million in 2014 compared to the previous year, Arcadis, the global natural and

Oil price flux unlikely to hit long-term sector growth
The cyclicality of the oil and gas industry is unlikely to impact the long term trajectory of the sector, a report said, noting that the current fluctuations may speed up some of the trends that were

Saudi non-oil business activity hits record low
Growth in Saudi Arabia's non-oil private sector slowed in June, a survey of businesses showed on Sunday, reaching its lowest level since the survey was launched in August 2009.

The seasona

Saudi PMI Drops to Six-Year Low in June as Growth Momentum Slows
An indicator of growth in Saudi Arabia’s non-oil industries fell in June to the lowest level in six years as the biggest Arab economy loses momentum.

The Emirates NBD Purchasing Managers’ In

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?