Most Mideast markets fall
TASI drop to 6,668.13 points
Most Gulf markets retreated on Monday, led by Saudi Arabia’s bourse, after petrochemical stocks fell on profit-taking.
Saudi Basic Industries Corp. (SABIC) fell 0.9 percent and Saudi International Petrochemical Co. (Sipchem) lost 1.1 percent, dragging the index 0.8 percent lower.
Tadawul All-Share Index (TASI) fell 0.82 percent to 6,668.13 points after losing 55.18 points. The sector activity for the day was mostly negative with 12 out 15 with lose ranging from -0.14 percent by the agriculture & food industries sector to 1.64 percent by the energy & utilities sector. On the other hand the gaining sectors were the hotel & tourism sector with 0.05 percent, the real estate development sector with 0.19 percent and the media and publishing sector with 0.83 percent. The overall market breadth for the day was negative with 29 advancers against 102 decliners giving it an AD ratio of 0.28, the Financial Transaction House said in its daily market commentary.
The stock market turnover reached SR3.95 billion.
“This is only short-term and the market is likely to pick up again,” Haddad said, adding that the recent rise in the dollar had also helped ease oil prices, affecting petrochemical stocks, but that the outlook for the Saudi market in 2011 was bright,” said Musa Haddad, head trader in National Bank of Abu Dhabi’s asset management group.
On Monday, Reuters learned that a Saudi stock market committee is moving closer to allowing foreign investors direct market access…Fourth-quarter earnings are expected to filter in from this week in Saudi Arabia and Qatar.