By Glen Carey
Oct. 11 (Bloomberg) -- Saudi Arabian shares fell a fourth day, led by Saudi Basis Industries Corp., the Middle East's biggest company by market value, and Samba Financial Group.
The Tadawul All Share Index, the biggest bourse in the Middle East, dropped 4.5 percent to 5,881.89 by 11:25 a.m. local time. It has lost 47 percent so far this year.
Sabic declined 3.9 percent to 86.75 riyals. The petrochemical maker may report a 6.8 percent rise in third- quarter net income, its weakest growth in nine quarters, to 7.9 billion riyals ($2.1 billion), from 7.4 billion riyals a year earlier, according to an average of estimates from EFG-Hermes Holding SAE, Global Investment House KSCC and Shuaa Capital PSC.
Samba Financial Group, the second largest bank in the kingdom by market value, fell 7.7 percent to 60 riyals, the lowest level since December 2004.
The Saudi stock exchange is the only Arab exchange monitored by Bloomberg that's open on Saturdays.
To contact the reporter on this story: Glen Carey in Dubai at gcarey8@bloomberg.net
Saturday, October 11, 2008
Saudi Shares Decline for Fourth Day, Led by Saudi Basic, Samba
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment