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MENAFN - Arab News - 09/11/2010

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(MENAFN - Arab News) Late selling condemned Saudi Arabias index to a second straight decline.

Saudi Basic Industries Corp. (SABIC) fell 0.5 percent, Samba Financial Group lost 0.8 percent and Yanbu National Petrochemical Co.s (Yansab) dropped 0.9 percent.

The Tadawul All-Share Index (TASI) closed at 6,431.18 points after gaining 5.03 points; a drop of 0.08 percent. The sector activity for the day was mostly negative with six gaining sectors against nine losing sectors. The gaining sectors ranged from 0.04 percent by the hotel and tourism sector to 0.92 percent by the energy and utilities sector. On the other hand the losing sectors for the day ranged from -0.04 percent by the petrochemical industries sector to -1.47 percent by the transport sector. The overall market breadth for the day was negative with 43 advancers against 74 decliners giving it an AD ratio of 0.58. The liquidity for the day reached SR3.34 billion, the Financial Transaction House said in its daily market commentary.

In UAE, Dubai Financial Market slumped to a two-month low after the firm swung to a third-quarter loss, while contractor Drake & Scull also declined as its quarterly profit drops, weighing on Dubais index.

DFM fell 3.1 percent to its lowest level since Sept. 7.

Arabtec dropped 2.9 percent, taking its losses to 7.9 percent in two sessions, after bigger-than-expected provisions weighed on earnings. Emaar Properties fell 1.1 percent.

Telecoms operator Du edged 0.3 percent higher after its quarterly profit more than doubles from the year-earlier period.

The index dropped 0.6 percent to 1,711 points, with support seen at 1,670 points.

Investors dumped Kuwait stocks ahead of Eid. Kuwait bluechips plunged as investors closed positions ahead of an extended break for the Eid Al-Adha holidays, weighing on the countrys index.

Kuwait Finance House fell 1.6 percent, while Gulf Bank and Agilty each drop 1.9 percent.

Bank Muscat and Oman Telecommunications Co. (Omantel) both rose, helping Omans index end higher despite losers outnumbering gainers by more than two to one as traders wait for a correction to re-buy at lower levels.

Bank Muscat climbed 0.5 percent and Omantel added 0.4 percent.

Telecoms provider Nawras fell 0.4 percent to 0.726 rials, but was up 3.4 percent since listing on the Oman bourse on Nov. 1.

The index climbed 0.2 percent to 6,562 points.

 






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