Arab stocks plunge on Egypt woes; TASI closing at 6,486.60
Arab stock markets plummeted last week amid deepening investor concerns over a possible dive after the re-opening of the Egyptian stock market, which remained closed for the third week in a row, financial analysts said Friday.
Saudi shares in particular suffered from the fallout of the Egyptian uprising, with the decline led by the banking, petrochemical and telecom sectors.
The Tadawul All Share Index (TASI) shed 1.89 percent on weekly basis, to close at 6,486.60 points.
“Undoubtedly, financial markets are coming under pressure from situations where concerns of security nature arise,” said Abdullah Baeshen, chairman of the Riyadh-based TeamOne financial consultancy firm. “Scared investors apparently resort to sell-off at this juncture and prefer liquid assets because they don't know what happens next,” he added