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02/03/2011 00:00 AST
Saudi shares dived 6.8 per cent to a 20-month low yesterday amid panic sell-off by investors concerned over unrest that has hit several Arab countries, traders and analysts said.
The Tadawul All-Shares Index (Tasi) shed about 403 points to close at 5,538.72 points, the lowest level since mid-July 2009, with all the 145 listed companies ending the day in the red.
At one stage the index had dipped more than eight per cent before recovering just ahead of the close.
Saudi economist Ali Al Dakkak attributed the fall to the unrest gripping several Arab countries and the failure to reopen the Egyptian Stock Market which has been closed for a month.
"It is a strong reaction to the events in the Arab world ... Investors were awaiting the re-opening of the Egyptian bourse and reacted negatively when it did not," Dakkak said.
The Cairo bourse's opening has been delayed until next Sunday.
Saudi Arabia has investments worth around $110 billion in Egypt, $100bn of which are held by private investors inside and outside the Egyptian bourse, Dakkak said.
Yesterday's drop is the largest single-day loss since November 2008 when the Saudi market, the largest in the Arab world, was reeling under the impact of the global financial crisis.
The Saudi bourse has dropped for the 12th consecutive session on fears of unrest and on Sunday lost five per cent. Since the start of the year, Tasi has shed more than 16.3pc.
Gulf Daily News
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
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