Saudi Arabian stocks fell the most in almost four weeks, led by Al Rajhi Bank and Samba Financial Group, on the first day of trading since Dubai World, a state- owned company in the neighboring United Arab Emirates, said it may delay debt payments.
Al Rajhi, the kingdom’s biggest bank, dropped 2.6 percent, its biggest decline since Aug. 26, to 75.25 riyals. Samba, the second biggest, fell 3.2 percent, the most since Oct. 27, to 53.25 riyals.
Saudi Arabian banks made “limited” loans to Dubai World, which announced its debt payment decision on Nov. 25, central bank Governor Muhammad al-Jasser said in an interview with Al- Arabiya television yesterday. The holding company, which has $59 billion of liabilities, is restructuring $26 billion in debt.
“It didn’t fall nearly as much as I thought” it would, Paul Gamble, an economist at Jadwa Investment, said in a telephone interview. “The market took confidence from what al- Jasser said about how much Saudi banks were exposed to Dubai World.”
The Tadawul All Share Index declined 1.1 percent to close at 6,288.27 in Riyadh, the biggest drop since Nov. 8. The index has gained 31 percent this year after losing more than half its value in 2008 as oil prices dropped. The Saudi market opened today after being shut since Nov. 25 for a religious holiday.
Dubai shares tumbled and Abu Dhabi’s stock index dropped the most in at least eight years on Nov. 30, the first trading day for those two markets after the Dubai World announcement.
DFM Index Declines Slightly
The DFM General Index spending most of the session in the red zone closed the day at 2,379.49 points on Tuesday 18th June 2013. The index trimmed 3.32 points or 0.14 percent for the session.
QE Index Turned Red as Key Sectors Decline
The Qatar Exchange turned red on Tuesday 18th June 2013. The Index continued stepping its way lower in the red territory, dropping 68.65 points or 0.73 percent it reached at 9,361.05 levels.
Large Cap Drives ADX Index Higher
The ADX General Index stepped up to close the session at 3,659.54 points on Tuesday 18th June 2013, up 16.30 points or 0.44 percent from its previous close.
Among market cap indices only Lar
Qatar Exchange Introduces Bonds for Trading In Its Market
Qatar Exchange today announced the introduction of government bonds issued by the Qatar Central Bank for trading on the exchange, which will commence on Thursday 20th June 2013, in a step that suppor
Land Department wins 'The Best Government Department'
The Government of Dubai Land Department (LD) won a certificate of appreciation for their outstanding contribution as 'The Best Government Department' at the third annual UAE - Korean Economic Partner