• Saudi Dubai stocks fall to remain weak till year end

  Filed under News
  Dec 23

  JEDDAH – Saudi Arabias Tadawul All Share Index (TASI) on Tuesday fell by 0.37 percent to 6,229.17 with 94 of the 134 traded stocks rising, and 19 falling. Saudi Arabian Mining Company had the days biggest loss, down 2.70 percent to SR18.05.

  Elsewhere in the region, the Dubai Financial Market general index fell 1.40 percent on Tuesday to 1,803 as only two stocks rose while 18 finished lower and six remained unchanged. Al Madina Finance & Investment was the days big gainer, up 6.36 percent to AED1.17.

  Dubai Financial Market, the only Gulf stock market to sell shares to the public, rose 1.08 percent to AED1.88 after announcing an offer to buy Nasdaq Dubai for $121 million.

  Low volumes in Gulf markets are expected for the remainder of 2009, as investors are now eyeing fourth-quarter results season starting in January.

  Moreover, the Dubai debt debacle also raised some concerns on the ripple effect it may create in the regional markets.

  “We believe the confidence of investors in the region has been shaken by the Dubai World delay of debt repayment and that investors now prefer to wait until reality is established,” Saleh Thaqafi, head of the Saudi Safa Financial Consultancy, told the Dubai-based Arabic version of the CNBC economic television.

  However, other analysts saw in the sinking stock prices as a buy opportunity that should be seized.

  The regional markets suffered from inertia throughout 2009, failing to recover a major part of the losses they incurred due to the global financial crisis that erupted in late 2008.

  Throughout the year, Gulf stocks came under psychological pressure from developments on Wall Street and other world bourses due to what investors considered as a close correlation between Gulf stock exchanges and international markets. – SG/Agencies

  

  

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  Tagged as: Al-Madina, Consultancy, Dubai;, head, JEDDAH, NASDAQ Dubai, Saleh Thaqafi, Saudi Arabian Mining Company, USD;, Wall Street
  
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