01/05/2011
Tadawul snaps 6-day winning streak
Daily Market Commentary
Saudi Arabian shares dropped for the first time in six days on Saturday. The Tadawul All-Share Index (TASI) fell 0.2 percent to 6,710.56 points - the largest drop in almost two weeks.
"This is purely profit-booking," said economist Abdulwahab Abu Dahesh. "There is no news behind this drop, simply profit-taking after the rise the market saw and the profits that were announced."
Saudi Basic Industries Corp. (SABIC), the world's biggest petrochemicals maker, and Al-Rajhi Bank, the Kingdom's largest publicly traded lender by market value, led the losses. SABIC shares declined by 0.22 percent to SR111.50. PetroRabigh shares dropped 2.04 percent to SR28.80 on Saturday.
Al-Rajhi Bank shares tumbled 0.65 percent to SR76.75, the largest loss sinceApril 19. Banque Saudi Fransi, the Kingdom's fifth-largest lender by market value, weakened 0.85 percent to SR46.4. SABB shares fell 0.22 percent to SR45.50, while Riyad Bank shares edged lower by 0.38 percent to SR26.
The telecom shares also declined on Saturday. Saudi Telecom Co. (STC) shares dropped by 1.09 percent, Etihad Etisalat by 0.47 percent and Atheeb Telecom by 0.74 percent.
The value of Saudi traded shares reached SR5.60 billion on Saturday
