King Salman to patronize King's Cup final on Friday    Permit to visit Al-Rawdah Al-Sharif is only once in a year, and allotted time is 10 minutes    Death toll in Kharkiv airstrike rises to 14 as Zelenskyy calls for global support    German Vice Chancellor accuses Israel of violating international law    Widespread protests across Israel demand hostage swap and government dismissal    National service plan sparks controversy among UK political parties    60 Saudi students graduated from elite American universities    Commercial firm shut amid reports of food poisoning in Hafar Al-Batin    Faisal Al-Mujfel named Saudi ambassador to Syria    Saudi and South Korea discuss cooperation on AI and smart cities    Saudi fashion industry valued at SR92.3 billion in Q1 2024    Adam Smith Institute highlights Saudi Arabia's Vision 2030 and its global economic impact Saleh Kamel Lecture Series launched in London    Moody's affirms Saudi Arabia's A1 credit rating with positive outlook    Al Hilal celebrates historic Saudi Pro League victory in glamorous ceremony    Mancini announces Saudi squad for World Cup qualifiers    Abdulrahman Al-Qurashi wins gold at Kobe 2024 World Para Athletics Championships    HONOR unveils four-layer AI architecture and forges ahead with Google Cloud for more AI experiences at VivaTech 2024    'Hijra': A new cinematic exploration by Saudi filmmaker Shahad Ameen    Court forces Angelina Jolie to release non-disclosure agreements    TCL Electronics introduces the latest QD-Mini LED TV and smart home appliances    JK Rowling in 'arrest me' challenge over hate crime law    Trump's Bible endorsement raises concern in Christian religious circles    Hollywood icon Will Smith shares his profound admiration for Holy Qur'an    We have celebrated Founding Day for three years - but it has been with us for 300    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi shares tumble to 4-year low

coaster rise, the Saudi stock market posted another loss Saturday as investor fears persist about the financial crisis triggering global recession.
The Tadawul All Share Index (TASI) dived almost six percent to a four-year low and finished down 5.94 percent at 5,794.87 points, its lowest level since mid-2004.
Trading value reached SR7.7 billion, a little more against the last 3 trading days. The volume of shares traded reached 342 million shares in around 190 deals.
Fourteen of the market's 15 sectors fell, with an 8.5 percent drop in the key petrochemicals sector. Constructions fell by 9.3 percent and retails by 8.9 percent.
In trading, 118 listed firms dipped with only seven firms rising. “We need a miracle to cure our market,” said one worried investor in a Tadawul lounge at a local bank here.
The new decline came despite statements by the Saudi Arabian Monetary Agency (SAMA) on Thursday that it was ready to inject more than $93 billion into the Kindgom's banking system. The banks index dropped by 4.8 percent.
It also came despite a number of companies announcing impressive results.
Saudi Fertilizers Co. announced a 155 percent rise in nine-month profits and Saudi British Bank posted a 19 percent rise.
TASI suffered turbulence in the trading week ending on Thursday, cut to three day by a religious holiday, and dropped 17.4 percent.
The bourse in the world's top oil exporter is the largest in the Middle East, but with capitalization having been slashed to around $300 billion from about $450 billion at the end of last year. The TASI is currently down 47.5 percent from the 2007 close.
Stock markets in other Gulf states sustained heavy losses last week. The declines were led by the market in Dubai, which nosedived by about 25 percent.
Gulf economists have attributed the slide in the Gulf markets to panic from the impact of global financial turmoil that has strongly shaken investor confidence and led to a wave of sell-offs.
They also said investors were worried over the fate of Gulf foreign investments, estimated at $2.5 trillion.
“Our economies are solid and have been growing at high rates. Our banking system is insulated and largely not exposed to the global financial system,” prominent Saudi economist Ehsan Bu-Hulaiga said.
“What we have been seeing is a reaction to the global crisis. Its surprising to see share price of good companies with excellent profits slide. Its panic and lack of confidence,” he told
Investors, however, called for wide-ranging and unprecedented actions of the government to protect their investments.
“There is nothing we can do now but wait and be optimistic until the fever breaks,” said Mirza Mahdi Jawad, a long time investor.
Opposed to global panic selling, Saudi investors believed that it would be a good time to buy stocks now as the index dived to a new low.
Banks should buy falling stocks to ensure pumping liquidity contributing to the recovery of the stock market, Jawad said. __


Clic here to read the story from its source.