19/08/2009
Petrochemical and cement stocks helped Saudi Arabia's index (.TAS) recoup some losses.The index closed yestarday 0.8 percent higher at 5,760 points, after posting its biggest single-session decline in nearly two months one day earlier.
"The world got off to a better start than yesterday," says Ali Khan, managing director and head of brokerage at Arqaam Capital. "All in all, short term traders are taking the view that fears were overdone."
Saudi Chemical gains 2.5 percent and Qassim Cement climbs 2.1 percent.
The Saudi market is likely to move sideways in the coming weeks if there are no news events or economic indicators to give direction, Khan adds
