12/05/2010
Saudi Arabia's index declines 70 points after two sessions of successive gains
Saudi Market's General index fell 1 percent by the end of yesterday's session, losing 70.9 points to break again the level of 6700 points after succeeded in overcoming this barrier as a result of rising in two consecutive gain, during which 244 points and down on less than the index's gains, 568 points since the start of the year rise of 9.28 percent.
Petrochemical stocks, seen as a proxy to world trade, were the main drag on Saudi Arabia's index. The Kingdom's Tadawul All-Share Index (TASI) fell for a fifth session in seven, dropping 1.1 percent, as sentiment soured in the world's top oil exporting region.
The market on Tuesday shed almost all gains it saw the previous day, the Financial Transaction House (FTH) said in its daily market commentary.
Only two sectors - retail (0.47 percent) and insurance (1.35 percent), gains. Losses ranged from 1.99 percent in petrochemical industries to 0.09 percent in cement. Overall market breadth was negative with 30 advancers and 93 decliners, recording an AD ratio of 0.32.
Oil was down 1 percent at $76.01 a barrel at 1238 GMT. Oil has fallen 12 percent since May 3 as worries over Greece's debt crisis weighed on the outlook for euro zone economies and their future demand for fuel.
Saudi Basic Industries Corp (SABIC) dropped 1.9 percent and Saudi Kayan fell 2.8 percent.
