20/04/2011
TASI falls to a three-week closing low
Daily Market Commentary
Saudi Arabia's Tadawul All-Share Index (TASI) fell to a three-week closing low as the latest earnings missed forecasts, leading to a correction.
The benchmark slips 0.13 percent to 6,525.07, its lowest close since March 29.
"Technical indicators show that the market is due for a bit of correction with support at 6,415 points - this will not happen for a couple of days," said Youssef Kassantini, a Riyadh-based financial analyst.
Saudi Electricity Co. retreated 0.4 percent after it said on Monday first-quarter losses narrowed slightly compared with the prior-year period. But the results missed analyst forecasts.
Bucking the trend, Saudi Basic Industries Corp. (SABIC) gained 2.6 percent after reporting a 42 percent rise in its first-quarter net profit on Monday as it increased production and sales.
Al Rajhi Bank, Saudi Arabia’s second-largest publicly traded lender by assets, lost 1.3%. Savola Azizia United Co, a food producer, retreated the most in more than a month after first-quarter profit dropped 58%.
