Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Investor concerns drag Tadawul to 10-month low  Join our daily free Newsletter

MENAFN - Arab News - 26/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab News) Saudi Arabia's shares slumped to a 10-month low yesterday as the political developments in Egypt spooked regional investors.
The Tadawul All-Share Index dropped 2.1 percent to its lowest close since Jan. 25 and marked its biggest one-day loss since early June.

Egypt's stock index tumbled 9.6 percent to 4,918 points yesterday.
A Kingdom-based analyst, who preferred anonymity, said recent measures announced by the Labor Ministry to enforce new fees on foreign workers were also causing concern among some investors.

"The measures are posing a threat to the private business, which may lead to deterioration in the private sector activities due to the increase in labor costs," said the analyst.

The Kingdom's heavyweight sectors - petrochemicals and banking - were the main drag.

Saudi Basic Industries Corp fell 2.3 percent. Al-Rajhi Bank dropped 1.2 percent and Samba Financial Group shed 2.2 percent. The insurance index dropped 6 percent.

Basil Al-Ghalayini, CEO of BMG Financial Group, said: "Obviously, the decline, driven by the petrochemical sector, is another indication of how the Saudi market's movement is also influenced by key regional and international markets' movements."

A recent report from the National Commercial Bank that analyzed last month's market performance said investor appetite continued to deteriorate on a monthly basis as the level of activity dropped drastically during October. But it said numerous companies had reported strong growth in profitability and the leading sector last month, energy, posted a 3.3 percent gain during October.

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help