15/10/2012
Stocks Plunge to Lowest Level on Fears of Leading Companies Results
Stocks plunged on fearsofleading companies resultsfor the third quarterofthisyear in the Saudi Stock Exchange, which lostnearly115pointsyesterday,in its lowest levelin80days.
Theindex fellyesterday,under pressure fromall 15 sectors ofthe marketthat fellalmostcollectively. Multi-investment sector declined the most by3.28per cent, followed bybuilding & construction sectorby 3.05per cent, thenthe real estate sectorby2.75 per cent.
In addition, sectors of leading companies fell as banks & financial services sector dropped by1.92percent ,andPetrochemical Industries sectorfell by 1.25per cent. Analystspredict thatthemarketindexwill continueto fluctuateuntil leading companiesannounce their results , especiallySABIC,Al-Rajhi,Saudi Telecom, and thentraderswill rearrangetheirportfoliosbasedontheassessmentofthequarterly results.
The drop comesdespite the highturnoverintheSaudimarket,whichreachedyesterday6.108 billionRiyals,muchhigherthanthevalueoflast Wednesday'ssessionof (4.323 billionRiyals).
