17/05/2011
TASI dips 0.85 percent lower
Losses across most sectors dragged Saudi Arabia's Tadawul All-Share Index (TASI) 0.85 percent lower to a one-week low at 6,634.03 points, with petrochemicals slumping to a four-week low amid declining oil prices.
The petrochem index fell 1.3 percent. Yanbu National Petrochemical Co. led losses and closed 2.5 percent lower. Saudi Basic Industries Corp., the largest company by market value in the Gulf, slid 0.9 percent.
"Retail player's positions have shifted to locally driven small to mid caps, especially construction and agriculture stocks, and will continue to stay so to avoid relative exposure to global commodity markets," said Amro Halwani, a senior trader at Shuaa Capital in Riyadh.
Oil fell more than $1 per barrel Monday as worries over the restructuring of euro zone debt anddoubts about the pace of global growth encouraged investors to reduce risk.
Agricultural sector drew investor interest with National Agriculture Development Co. and Tabuk Agriculture Development Co. rising 2.2 and 9.9 percent respectively.
Banking stocks added further weight with Samba Financial Group slipping 0.5 percent.
Elsewhere in the Gulf, Dubai’s benchmark ended 1.4 percent lower at 1,563 points, its lowest closing since April 7.
